AUD/USD: Bulls Remains Dominant in 1000 Pip Rally - FXStreet
chief analyst at FXStreet explained that the AUD/USD pair posted a
fresh 10-month high last week of 0.7834 on Thursday, but turned sharply
lower into the weekend and closed at 0.7711.
"The American dollar gathered upward momentum and commodities trim part of its weekly gains. The Aussie however, maintains the long term positive tone, as higher interest rates and a bounce in commodities from record lows, are attracting overseas investors to Australian investments.
The pair has rallied over 1,000 pips ever since the year started, and retracements in between have hardly surpassed the 200 pips, which means that the pair can fall down to the 0.7600 region without actually harming the dominant trend."