Email of the day - on the Australian Dollar
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May 25 2017

Commentary by Eoin Treacy

Email of the day - on the Australian Dollar

What's with the USD/AUD? Looks like the AUD is OVERBOUGHT!!!

Thank you for highlighting this currency pair. The US Dollar has been quite weak recently which has seen a significant number of currencies rally against it and not least the Australian Dollar.

The question at this stage is whether the move is sustainable. The Australian Dollar has rallied back to test the 75¢ area and is testing the progression of lower rally highs evident since mid-March., It pulled back today to begin to confirm resistance in this area but downside follow through tomorrow with a sustained move below 74.5¢ would confirm a peak of more than short-term significance

Medium-term, the Australian dollar has been largely rangebound since finding support near 70¢ in early 2016 so when we speak about it being overbought at present, that is a very short-term consideration in the context of the broader range.

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