Wind of change for AUD/USD – the upside prevails
Yesterday saw FX traders regain some appetite for risk and buy into AUD/USD that had been in freefall since the beginning of the month. Unless the bulls had dragged the Aussie dollar back after reaching the critical support area at 0.96, the market would have fallen completely off the cliff.
We expect to see some noise here before the market takes a clear direction again. With the US dollar losing its shine across the board, AUD/USD could see further upside movements. At 0.9668 at the time of writing, the pair continues its grind higher this morning. The first target for the bulls to watch sits at 0.9695. A break above that level would open the way to 0.9735 and 0.977. In the alternative scenario, watch out for a consistent break below the key level at 0.961.
Published: 30 May 2013
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