FXstreet.com (Barcelona) - The Aussie's rejection against the Dollar from 0.8760, intra-week high, has found support at 0.8675 after falling around 115 pips during the European session. Pair ha bounced at this level to trade above 0.8700 again, Currently the pair is trading around 0.8695/0.8705, above MA200 hourly chart at 0.8690 and 0.30% below today's opening price action at 0.7522.
James Cheng, Chief analyst at FX Solutions, comments: After hitting a 13-month high close to the 0.8800 resistance last week, price action on AUD/USD has consolidated horizontally just above a key uptrend support line extending from the March lows. This currency pair is still very much entrenched in a clear uptrend, and the directional bias still appears to be to the upside. The key upside resistance level to watch for is the noted 0.8800 resistance, a breakout of which would confirm an uptrend continuation. In this event, a further resistance target to the upside resides around the 0.8950 price region, although since that level has not been seen for over 13 months, its ability to act as resistance is somewhat questionable. Support levels to the downside are clearer.