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AUD/USD range bound

FXstreet.com (London) - the higher beta pair, AUD/USD, is remaining in a tight range, oscillating between 0.9616/34 after a very short-lived spike higher to 0.9672.

However, the quote is sighted towards lower levels in a determined bear trend through 2012 lows and heading for 0.9400, the inter-year pivot. According to research teams at Commerzbank, ‘‘Currently, the market will remain directly offered below 0.9780/0.9842 (23.6% retracement of the sell off since April)’’.

Support is 0.9545 and 0.9495 targeting 0.9365

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