The Australian dollar enjoyed the “no cut†decision by the RBA and escaped parity with the kiwi. But how is it doing against the recovering greenback?
The team at JP Morgan offers a chart, levels and targets:
Here is their view, courtesy of eFXnews:
AUD/USD near term corrective action continues to develop following last week’s whipsaw around the key .7560 low, notes JP Morgan.
“Again, the short term setup can allow for additional consolidation amid the oversold and diverging momentum setup,†JPM argues.
“Still monitoring near term resistance in the .7738/55 area with breaks arguing for another run at the range highs. Failures at initial resistance keep the focus on new lows with deeper targets starting with the .7440 channel from the mid-2013 high,†JPM projects.
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