Analyst
The pair continued its recent bearish move in the early session yesterday, trading to a low at 1.56376 before a sharp rejection around the support zone. The Aussie has been a major beneficiary of the surge in commodity prices as the Country's earnings depend on the export of major commodities.
I expect the pair to retrace to the 23.6% retracement level of the major move to the downside around the 1.57446 price level before continuing the bearish move with a target at 1.56376 and stop-loss at 1.57860.
No major economic data with a bearing on the pair
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