The Australian Dollar/US Dollar pair reversed strongly off of recent multi-month lows—instilling confidence in our calls for further AUDUSD rallies.
Yet a similarly sharp reversal off of short-term resistance suggests that the very-short-term direction supports a re-test of support at the 0.8000 mark. A hold of 0.7900 nonetheless would keep our bullish bias intact and favors an anti-US dollar move through the coming weeks of trade.