AUD/USD bounces from the late-June low

Technical Analysis

Author: Adam Button | audusd

AUD/USD breaks four-day losing streak

The biggest percentage gainer in major FX today is AUD/USD, which is up 0.44%, or 33 pips. The gains are part of a broader bid in the commodity currencies that started in Europe and ramped up in North American trading.

At the worst levels of the day, AUD/USD touched the lowest since late-June but it rebounded from 0.7532 to a high of 0.7589.

This looks like more of a dead-cat bounce in a well-defined downtrend. Look for sellers at the late-October low of 0.7625.