Forex: AUD/USD bid above 1.0350; Asian shares higher
Forex pairs in this Article »
AUD/USD
FXstreet.com (San Francisco) - After a slight gap higher at the weekly opening, AUDUSD has since traded up to a 2-day high of 1.0365 Monday in early Asia (vs. 1.0342 Friday), now capped by the 100-hr EMA and last quoted just a few pips below the intraday high.
"The immediate resistance area comes at 1.0370 and once above, will expose 1.0410 level," says Valeria Bednarik, Chief Analyst at FXstreet.com. "Only above this last the pair will regain its upward momentum, not quite clear at the time being; will likely depend on what RBA Minutes have to offer later this week." Farther to the upside lies resistance at 1.0445/
For bearish targets, says the analyst: "The downside seems limited by buying interest around 1.0290, and only a clear break below will give some bearish potential to the pair." Below there lies further support at 1.0260.
At the time of writing, AUDUSD is targeting higher levels, now approaching the mentioned 1.0370 mark as Asian shares trade with a positive bias so far today. Japan's Nikkei is currently up 1.5%, while Australian shares are now up 0.3%.
"The immediate resistance area comes at 1.0370 and once above, will expose 1.0410 level," says Valeria Bednarik, Chief Analyst at FXstreet.com. "Only above this last the pair will regain its upward momentum, not quite clear at the time being; will likely depend on what RBA Minutes have to offer later this week." Farther to the upside lies resistance at 1.0445/
For bearish targets, says the analyst: "The downside seems limited by buying interest around 1.0290, and only a clear break below will give some bearish potential to the pair." Below there lies further support at 1.0260.
At the time of writing, AUDUSD is targeting higher levels, now approaching the mentioned 1.0370 mark as Asian shares trade with a positive bias so far today. Japan's Nikkei is currently up 1.5%, while Australian shares are now up 0.3%.
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