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AUD/USD extends rebound to best levels since July

The rebound in the AUD/USD has extended further since last week and earlier today the AUD reached its highest level since July, when it reached 0.6840. The AUD/USD had closed in the US last night at 0.6825. That means it has taken another step closer to a major technical level that defined the top back in the early part of July this year. The AUD/USD peaked back then after setting in place a clearly defined double top on the daily charts at 0.6895. That was noted here at the time and that eventually led to the low at 0.6270 reached on October 26. Well, as you can see, it has pretty much recovered all of that fall now. The question is, can it recover all of it and more? Right now there does not seem to be much of a reason as to why it cannot, but it is not a forgone conclusion. The range seen so far today has been covered by that noted high and an earlier low at 0.6818. The AUD/USD is currently trading at 0.6830
 

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