FXstreet.com (Barcelona) - After falling around 175 pips from 0.9090 level in the Asian session following the Reserve Bank of Australia decision to increase its benchmark interest rate, from 3.25% to 3.5%, the AUS/USD has found support at 0.8915 in the European morning and pair has begun to rise to trade above 0.8950 level.
Currently the pair is trading around 0.8960/70, 0.80% below today's opening price action at 0.9040.
The Kshitij Consultancy Service Team comments: Aussie continued to trade lower during the day and is now trading in the Support region 0.8950-20 mentioned earlier. Trendline Support is seen at 0.8900 which we expect to hold and the uptrend to continue. However, a strong break below this Trendline Support (0.8900) would signal a trend reversal which might pull it down towards 0.800-8750 in the coming days.