Hi there traders this is Steve Miley for forextraders.com and here we’re looking at the Australian dollar against the US dollar spot FX rate.
Well a short term rebound in here from just below 0.6739 support and above critical 0.6708 support, from 0.6720 yesterday, on Wednesday; and a strong rebound yesterday and again this morning to then overcome and push back above this down trend-line that we previously pushed above back here last week and also above this key 0.6809 level, up to 0.6810. So, reinforcing that previous push higher.
Certainly a strong, very short-term outlook going into today and we’re looking for risks back up through the current peak here at 0.6791 back up to this 0.6810/11 level and maybe closer up here towards 0.6828/29.
So up-side risks very much intact with this strong interlay rebound yesterday and follow through to the upside overnight going into Thursday.
So, bullish pressures very much intact on a short term and intermediate term basis for the Australian dollar.
This has been Steve Miley for forextraders.com.
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