Aussie rebounds on signs that it might be oversold

Source: Bloomberg
© Scanpix/FP
The Australian Dollar strengthened by 0.5% to 97.74 per U.S. Dollar in the second part of Sydney trading session on Monday. The currency gained the first time in three days versus the U.S. Dollar, as technical indicators raised concern that the South Pacific currency might be oversold. The Relative Strength Index was at 24.4, sharply below 30 level which refers that an exchange rate has fallen too quickly and might be forced to reverse.
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