FxWirePro: AUD/USD changes short term trend from bearish to bulish
AUD/USD opened on Monday with big gap and slipped towards 0.7629 levels after oil producing countries failed to agree on output cut, putting pressure on oil prices which slipped back below $40 per barrel. However, the pa…
AUD/USD opened on Monday with big gap and slipped towards 0.7629 levels after oil producing countries failed to agree on output cut, putting pressure on oil prices which slipped back below $40 per barrel. However, the pair managed to rebound and recover all the lost ground in the US session.
Currently the pair is making an attempt to test resistance level at 0.7753.
Any decline towards lower levels is limited as Australian dollar is stronger against its American rival in the intraday trading.
To the upside, the strong resistance can be seen at 0.7786, a break above this level would take the pair towards next resistance level at 0.7849.
To the downside immediate support can be seen at 0.7736, a break below this level will open the door towards next level at 0.7687.
