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Forex: AUD/USD extends recovery above 1.0170

After bottoming at 8-month low at 1.0115, the Aussie is trading in recovery mode trying to recover some ground against the US dollar with the AUD/USD inching above the 1.0150 level and testing the 1.0170 area.

Currently the AUD/USD is trading at 1.0160, 0.40% negative on the day. "Aussie extends its daily bounce, trading at daily highs around 1.0170, and despite short term bullish, the pair seems to be just correcting the extreme oversold readings reached early Asia," points FXstreet.com analyst Valeria Bednarik.

In the 15-minute chart, MACD, CCI and Momentum are bullish but Stochastic is bullish. But the "overall bearish trend remains in place, as long as current recovery finds sellers in the 1.0200/20 price zone," states Bednarik. "A daily close below the 1.0150 mark, should open doors for a downside continuation towards parity over the upcoming sessions."

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