AUD/USD Rally Not Start Of New Upward Trend

AUD/USD pushing back above 0.9000, though TD Strategist Roland Randall says new upward trend isn't in place. "You're just seeing a little bit of a relief rally given the euro zone has agreed to a Greek bailout and intervention in secondary bond market. All that is being taken as a bullish signal, with traders putting a little more risk into their portfolios," says Randall. AUD/USD recently at 0.9019, up from 0.8925 in early Sydney trade. Notably last week, TD lowered its mid-year AUD/USD target to 0.9200, down from a view of 0.9500 given a few months ago.

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