AUD / USD reverses the previous decline to 0.7460
The lowest price in Asian trading today hit 0.7411, the lowest level in a couple since December, but things are changing fast in European trading, as risk perceptions are now more positive.
European stocks are rallying, while US futures gains are currently modest – S&P 500 futures are up 0.3% as we see a calmer tone in the bond market. The fund’s 10-year return will increase by 5 basis points to 1.34%, which will contribute to a risk aversion.
China is helping to reduce banks’ RRRs for the first time since April last year.
Returning to AUD / USD, the pair sees a slight rebound, surpassing the recent low of 23.6 retracement this week @ 0.7544.
Next is some smaller resistance that is closer to 0.7482, but in the near future it will be big to look at, currently the main moving average hours @ 0.7492-96. Keep it lower and sellers will keep control, but exceed and buyers will get control of it in the near future.