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16 Jul 2015
AUD/USD back above 0.7400, recovers from multi-year lows
FXStreet (Córdoba) - The Australian dollar is the best performer among commodity currencies and is recovering ground against greenback on Thursday. AUD/USD is trading back above 0.7400, around the same level it had at the beginning of the week.
AUD/USD found a bottom?
During the Asian session the pair dropped further and bottomed at 0.7349, hitting the lowest level since May 2009. Then rebounded and rose further after Wall Street opening bell. Recently printed a fresh daily high at 0.7436, still under yesterday’s highs.
The pair continues to face downside pressure and is too early to establish whether a bottom has been reach. So far, the recovery remains limited. Below 0.7500 a key short-term resistance is located and a break higher could trigger a bullish run, giving stronger signals of a potential bottom.
AUD/USD found a bottom?
During the Asian session the pair dropped further and bottomed at 0.7349, hitting the lowest level since May 2009. Then rebounded and rose further after Wall Street opening bell. Recently printed a fresh daily high at 0.7436, still under yesterday’s highs.
The pair continues to face downside pressure and is too early to establish whether a bottom has been reach. So far, the recovery remains limited. Below 0.7500 a key short-term resistance is located and a break higher could trigger a bullish run, giving stronger signals of a potential bottom.