The Aussie has been advancing over the previous days, bolstered mainly by the US dollar weakness. The pair broke some important levels on the way higher and was testing the $0.72 resistance during the London session on W…
The Aussie has been advancing over the previous days, bolstered mainly by the US dollar weakness.
The pair broke some important levels on the way higher and was testing the $0.72 resistance during the London session on Wednesday.
The pair is likely heading lower in the near future, targeting the broken resistance of $0.7150, which will now act as a support.
If the $0.7210 resistance falls, further upside toward $0.7270 is expected, where September and post Federal Open Market Committee highs are seen.
Intraday outlook is in favour of bears, but it should only be a short-term correction. Selling at the current levels might be a good entry point, with stops above $0.7220. Bears should target the mentioned $0.7150 support for today, which is expected to hold, as the US dollar remains under pressure against commodity-linked currencies.
