AUD USD trying for new momentum
2/20/2017 12:27:56 PM
After posting a session low near 0.7655 area, the AUD versus USD reclaimed purchase and broke two succeeding days of losing streak in Forex market.
At present trading around 0.7677 band, positive sentiment nearby commodity space, specifically Copper, is seen supporting commodity-linked currencies - like the Aussie.
Looking at the wider view, the pair stays well supported near 0.7603 handle but has failed to maintain its move above 0.7710 mark. Therefore, it would be cautious to wait for a pivotal break through this broader trading range before defining the next leg of directional move.
Immediate persistence is fixed near 0.7697 area above which the pair is likely to immediately dart towards 0.7723 persistence area before trying a move towards Nov. daily closing highs persistence near 0.7764 area. On the other hand, declines back below 0.7673, causing a following weakness below session low support near 0.7657 area, is likely to pull the pair towards the lower end of recent trading range support near 0.7612 level.
FOREX market analysis by FxErvin.