AUDUSD: Looking for a rebound

Hi there traders this is Steve Miley for and we’re here looking at the Australian dollar US dollar spot FX rate.

Well despite this dip lower in here from earlier in the week the market is trying to rebound up to this 0.6831 level, above this 0.6811 support.

And whilst holding 0.6831, we’re looking for a bias back higher – we’re in a general risk-on scenario. We’re looking for upside pressures form this earlier, mid-October rally we had up through important resistances here at 0.6809 / 0.6810 and through the down trend lines.

All of that is pointing higher and we see risks for today up to this 0.6870 /0.6883, maybe even higher towards this critical 0.6895 high.

As I say, only through 0.6831 today would see a slightly more negative tone. The target 0.6811 and maybe a deeper correction.

But for now, the risk is to the upside.

This has been Steve Miley for

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Until then, have a great trading day.

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