The U.S. dollar finally managed to show relative strength today, especially against the commodity currencies. The USD/CAD broke out above the psychologically-important handle of 1.30.
With the U.S. out today, the forex markets have been fairly quiet. The U.S. dollar has managed to rebound against some currencies amid profit-taking from the bears after its recent falls.
On Friday, the Australian dollar declined against the greenback, which resulted in a decline to important support levels. Will they withstand the selling pressure in the coming week?
After forming that false break reversal pattern above the 0.8060/5 level earlier this month, the AUD/USD pair has broken several key support levels on the way down.
Key data from Australia and China will be released in the early hours of Thursday, followed by inflation figures from the U.S. later on in Thursday’s session. Thursday’s data releases could have a big impact on the Aussie dollar, especially the AUD/USD pair.
Earlier today, the British pound extended losses against the greenback, which pushed GBP/USD to a fresh multi-month low. How low could the exchange rate go in the coming days?
The Aussie/U.S. dollar (AUD/USD) currency pair has finally cracked a key support area today and at the time of this writing, the pair was still trading near the day’s low, suggesting strong selling pressure.
