FXstreet.com (Barcelona) - Australian Dollar is rallying sharply on Monday and rebound from 0.8735 low on December 23 has extended on Monday with a 150 pips rally to 0.9090 high so far, approaching 0.9100.

Sharp downside reversals are not looking likely at the moment, according to the Kshitij Consultancy Service Team: As mentioned earlier, we might see further rise towards 0.9100-30 in the coming sessions. A break above 0.9130 might see 0.9180 on the upside. Any sharp downmove is not looking likely now.

On the downsde, support lecvel at 0.8920/0.8890 region should hold potential downmoves, says the Kshitij Consultancy Service Team: Significant Support is seen in 0.8920-0.8890 region which we expect to hold if any sharp downmove is seen in the US session today.