AUD/USD close to reach a demand zone

AUD/USD close to reach a demand zone

AUD/USD was one of the pair which posted strong gains across the board, with the Australian Dollar gaining momentum above the 0.7600 milestone. However, the pair is entering a consolidation phase that could allow a corrective move towards the Fibonacci area of 50% and 65%, between the 0.7596 and 0.7567 levels. Around that zone, we can expect demand for the Aussie in order to rally towards the -23.6% Fibo level at 0.7737.

RSI indicator remains in the negative territory.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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