Forex Investment and Currency Trading

AUD/USD – Set to extend gains to 0.9311 after a bullish trend reversal above 0.9104.

The price retracement in AUD/USD stalled near 0.9000 after the formation of a morning doji star pattern. The resulting bullish trend reversal above 0.9104 has provided a more positive backdrop to the market. With valuations also reaching oversold levels, support at 0.9104 and 0.8956 is expected to attract buying interest for a move to resistance at 0.9311. A close above this level would then target 0.9471. Price target remains located nearby at 0.9250.