According to the new 2-week High: AUD/USD back to the retreat

FXStreet – The Australian Dollar turned up in the American South, after he had earlier climbed to its highest level in almost three weeks. The currency pair is listed last on 0,7482 and thus 0.07 percent in the Plus. So is he an Aussie now on the third day in a row against the US Dollar.

The currency pair is experiencing a weak Greenback support. The US Dollar traded steady on Monday against the European currencies and the Yen, but loses in comparison to the commodity and emerging market currencies.

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Technical Outlook

The AUD/USD is moving now ever since 10. May with a bullish Bias. A relapse under 0,7440 could change this trend.

“With significant price gains, the Australian Dollar started against the Greenback in the new week. The technical perspective changed yesterday on bullish. Especially that the currency has set a couple back over the downward trend is a positive one. A sustainable jump on the brand of 0,7500 would initiate the beginning of a new strength phase“, explained Malte Kaub.

“In the 4-hour chart, the quotes above the 200-EMA stabilized, while the 38-shows the SMA to the North and around 0,7440 with the broken trend line, the first support forms. The quantitative indicators have lost some strength, but this may not be enough to the beginning of a new downward movement to usher in,“ he added.

** FXStreet News Editorial, FXStreet**

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