AUD/USD experienced a significant rally during Monday’s trading session, mainly due to a weaker US dollar and positive data on Australian business con
AUD/USD experienced a significant rally during Monday’s trading session, mainly due to a weaker US dollar and positive data on Australian business conditions. This rally has brought the price action close to the top of a multi-week range, testing key resistance levels around 0.68. The 100-Day Exponential Moving Average (EMA) is currently positioned just below the 0.68 level.
In the past, this area has acted as a major resistance level on diffetent occasions. We will see whether this forex pair can successfully break out above this level or reverse back down, but it is showing signs of weakness which points to a reversal.
AUD/USD
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