- Aussie gains against the dollar, but far from the highs.
- AUD / USD loses steam, trend intact.
He AUD / USD lost steam in the American session and undertook a retracement from the highs in two years that reached at 0.7577 hours ago. The pair has just retraced below 0.7550 and is in positive territory from Friday’s close, with downward pressures increasing.
The dollar recovered strongly in the last hour throughout the market and undertook a rally, which made it cut losses on all fronts. The DXY, which was at its lowest since 2018, is now with a third of the losses it had before and back about 90.60.
The reversal of the dollar occurs even with the stock markets maintaining the gains of hours ago and also with advances against the yen. Volatility is on the rise, and the dollar appears to be threatening a recovery from year-low lows.
Still the AUD / USD trend remains firm and bullish. If the retracement is extended, the next strong support is located in the zone of the lows on Monday and Friday around 0.7520. A drop below the latter would expose 0.7500 and the cross exposed to a deeper correction. On the contrary, a consolidation above 0.7575 would reinforce the bullish bias, leaving the path towards 0.7600 open.
Technical levels
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