AUDUSD Analysis: Closes in on the 0.75 mark
|AUDUSD
The Australian Dollar surged on Monday against the US Dollar until it reached the resistance of the weekly R1 at the 0.7480 mark. Meanwhile, it had passed the monthly resistance level, which provided the currency exchange rate with support in the second half of the day at the 0.7470 level.
Regarding the near term future, a trader needs to watch whether the weekly R1 is broken or not. If it gets passed, the weekly R2 and a resistance line of a medium scale ascending pattern will be aimed at. Namely, the 0.7530 level will be targeted next.
However, the surge already looked overextended by the middle of Monday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.