AUD USD increased some fresh purchase
2/15/2017 11:24:13 AM
During Forex market activities AUD versus USD increased some fresh purchase on Wednesday and was seen building on to yesterday's reflection from the 0.7617 support area.
The pair on Tuesday saw a sharp reverse from 0.7705 area after better than anticipated US PPI print and hawkish testimony from the Fed Chair Janet Yellen. On Wednesday, the pair expanded yesterday’s recovery move and is now trading around 0.7677 band.
Immediate upside persistence stays near 0.7690 area above which the pair is likely to expand the upward trajectory towards Nov. 2016 daily closing highs persistence near 0.7755 area. On the other hand, decline below session low support near 0.7657 level, leading to a following fall below 0.7638 level, might keep on to find strong support near 0.7607 area, which if broken could speed up the slide towards 0.7557 horizontal support, 0.7536 area.
FOREX market analysis by FxErvin.