Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar reversed its latest losses against the greenback and advanced recovered the 0.7600 level.

Key Quotes:

“Buoyed during the previous Asian session on optimistic remarks from RBA governor Glenn Stevens, who offered quite an optimistic outlook of the local economy.

A deep down to 0.7550 early Europe resulted in a quick, sharp bounce, indicating that buying the dips is still the way to go with the AUD/USD pair.

The short term picture for the pair is bullish, as in the 1 hour chart, the price is currently developing above a bullish 20 SMA, while the technical indicators are within positive territory, but lacking directional strength.”

Valeria Bednarik, chief analyst at FXStreet explained that the Australian dollar reversed its latest losses against the greenback and advanced recovered the 0.7600 level.

(Market News Provided by FXstreet)

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By FXOpen