AUD/USD: Bulls Remains Dominant in 1000 Pip Rally - FXStreet
AUD/USD: Bulls Remains Dominant in 1000 Pip Rally - FXStreet
Valeria Bednarik,
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.
Key Quotes:
"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."
