​AUD/USD Sees Stable Upside After Stopping Decline

WikiFX News (10 Sept) - On Wednesday, AUD/USD saw a stable upside after bouncing back to 0.7200 from 0.7400 with the rate failing to breach below the support of 0.7200-0.7180

Recently, the greenback saw a dramatic rally as all the gold, oil, stocks and currencies stage movements together amid the epidemic rebound, Brexit negotiations and the turmoil in U.S. tech stocks. From the overall view, the loss in AUD/USD is still regarded as a normal correction for its limited size, indicating the fact that it didn‘t deal a major blow to markets’ risk aversion.

Since AUD/USD rallied from 0.7400 to 0.7200, the level of 0.7200 has become the boundary between further upside and downside for the current uptrend. The level above 0.7200 indicates a bullish outlook, whereas a correction will be thrust into the spotlight if the level is below 0.7200. Beware of going short on AUD/USD before seeing a breach below the key barrier as the stable pair usually holds a slow uptrend.

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Chart: Trends of AUD/USD