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AUD/USD backs of from first look above 0.68 since July

Late yesterday evening, the rebound in the AUD/USD extended to above 0.68 for the first time since the end of July. The high set was at 0.6804 and the AUD/USD posted its first daily close above 0.68 since July 18, when ending that session at 0.6802. It has not made any further progress so far today though, after peaking in Asia at 0.6803. On the topside, immediate resistance is in place at 0.6821 and on the downside support is at 0.6726. The low seen so far today has been set at 0.6773. The AUD/USD has gained traction due to the weakness of the wider dollar and the perception, that the RBA may have more rate rises to come. That remains a topic of debate though. The falls in the Chinese stock markets today is what seems to have halted the move to above 0.6800 for the time being. The AUD/USD is currently trading at 0.6784
 

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