FX.co ★ AUD/USD - Technical rebound - daily strategy for June 20, 2013

Yesterday the Australian dollar fell due to Fed's announcement. Its monetary policy affected all pairs traded against the US dollar, the pair fulfilled our goal that we discussed for several days, which first covered gap 2010 at 0.9270 and reaching the second weekly support, 0.9181. Given that we think now if it is oversold, we recommend buying only if the pair trades or is trading back above 0.9181 with targets at the short deadline, 0.9375. On the other hand, the news from Australia is not good for country's economy, and the Aussie shows weakness, the gold price also influences the Australian currency. Now, looking at the graph we see that yesterday Momentum Indicator managed to break the support area and now it is in oversold level. It is more likely to observe a technical rebound for the next few days.

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