FXStreet (Edinburgh) – The research team at BBH has argued that AUD could find good support in the 0.70/0.7020 band.
Key Quotes
“The Australian dollar is the best performer of the major currencies this week”.
“It has gained about 2% against the US dollar, ostensibly helped by the stabilization of Chinese markets and higher copper and iron ore prices”.
“The Aussie had begun the week with new multi-year lows just below $0.6900”.
“The short-squeeze carried it up to $0.7100 yesterday, where it has run out of steam”.
“Yesterday’s outside up day has gone for naught. There has been no follow-through buying. Initial support is seen in the $0.7000-$0.7020 area. A break of $0.6980 would confirm the correction is over and that a new down leg has begun”.
The research team at BBH has argued that AUD could find good support in the 0.70/0.7020 band…
(Market News Provided by FXstreet)