AUD/USD Reverses From 10-Month Highs

AUD/USD Reverses From 10-Month Highs

21 April 2016, 17:31
Roberto Jacobs
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AUD/USD Reverses From 10-Month Highs

A strong recovery of the US dollar across the board pushed AUD/USD sharply to the downside amid a decline in crude oil, gold, and equities.

AUD/USD to 2-day low

The pair climbed during Mario Draghi’s press conference to 0.7834 hitting the strongest level since June 2015 but then turned to the downside. Price plummeted 85 pips in a few minutes and bottomed at 0.7752.

It was trading at 0.7760/65, down 0.33% for the day and is still under some bearish pressure while the US dollar remains near daily highs in the market, excluding versus the yen. The Japanese currency is the top performer.

AUD/USD technical levels

To the upside, resistance level might now be seen at 0.7785 (Asian session low), 0.7830/35 (daily high) and 0.7845/50 (June 2015 high). On the opposite direction, support could be located at 0.7750 (daily low), 0.7730/35 (Apr 14 & 15 high) and 0.7675 (Apr 15 low).


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