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AUD/USD Remains Steady Above Support At 0.77

By Stuart McPhee

AUD/USD for Friday, February 6, 2015

For the last week now, the Australian dollar has steadied a little and traded in a narrow range between support at 0.77 and 0.78. A few days ago, 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 fell very sharply and broke 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… Read More …