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AUD/USD - Continues To Rest Above Support At 0.77

By Stuart McPhee

AUD/USD for Monday, February 9, 2015

For more than the last week now the Australian dollar has steadied well and traded in a narrow range between support at 0.77 and 0.78. Earlier last week the Australian dollar was on a roller-coaster ride dropping sharply to a new multi-year low below 0.7630 before rallying strongly and moving back up above the 0.77 level and more recently 0.78 before easing back again into its present range. It is presently relying on support from the current key level at 0.77. Prior to all the recent activity, in the last couple of weeks the Australian dollar fall very sharply and break lower from the trading range that had been established roughly between 0.8050 and 0.8200. The 0.77 range is currently offering some support to the Australian dollar which has allowed it to consolidate a little and temporarily stop the recent decline… Read More …