audusd rebounds to three month high 541882015
<p>AUD/USD (daily chart shown below) has spent the past two weeks rebounding from its long-term lows, and has just risen above key resistance around the […]</p>
Share this:
AUD/USD (daily chart shown below) has spent the past two weeks rebounding from its long-term lows, and has just risen above key resistance around the 0.8025 level, establishing a three-month high in the process.
Earlier this month, the currency pair had plunged to a new five-year low of 0.7532, just short of hitting its 0.7500 downside target.
That low was the latest culmination of a sharp downtrend that had been firmly in place for the previous nine months, since the high around 0.9500 in July of last year.
The current rise has been the sharpest and most substantial rebound that AUD/USD has seen for the past year.
Any further recovery for the currency pair should target nearby resistance around the key 0.8100 level. In the event of a further rise above 0.8100, the currency pair should be limited by major resistance around 0.8300.
To the downside, on any resumption of AUD/USD’s long-standing bearish stance, the key support target remains at 0.7500 for a potential extension of the downtrend.
Related tags:
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.