The situation on AUDUSD is very interesting. The pair arrived yesterday in the morning at important support at 0.7170, for most of the day they veered in this area, and tonight there was an upward rebound. The last time the Australian dollar was so low compared to the USD was at the end of 2016, and earlier in May 2016. Then it came back twice. Will this time be the same? At the end of the week there was a strong downward reaction and the exit from the vicinity of the resistance at 0.7310 to the said significant support.
The new week, however, began with an upward rebound, but it was completely negated during yesterday’s session. Currently, the fate of the pair is taking place on support. If the level of 0.7170 is maintained, we can expect a rebound back to around 0.7310. In turn, overcoming support by supply will open the way to the psychological barrier at 0.7000, where there is no working support, but going down below should cause some problems for the Aussie bears.
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