AUD/USD: Better Bid on Oversold Readings - FXStreet
Valeria Bednarik,
chief analyst at FXStreet explained that AUD/USD pair bounced modestly
overnight from a fresh 2-month low of 0.7299 achieved during the Asian
session, with the Aussie paring losses after reaching the 50%
retracement of this year's rally.
Key Quotes:
"Stabilizing
Chinese inflation and an intraday recovery in commodities, helped the
pair to recover some ground, albeit the shallow advance is not enough to
suggest the downward potential is over.
Still Aussie weakness
seems overextended ever since the RBA announced a surprise rate cut last
week, and a sharp drop here is unlikely, before some
consolidation/short term upward correction."
