Forex: AUD/USD bounces as sentiment improves
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AUD/USD
FXstreet.com (Córdoba) - The Aussie bounced strongly from lows and turned positive against the greenback as market sentiment improved after Republican Boehner eased fiscal cliff concerns by saying he is optimistic a deal can be reached.
AUDUSD found support at the 1.0425 area, and having risen more than 50 pips within the last hours, it hit a fresh daily high of 1.0478 in recent dealings. At time of writing, AUDUSD is quoting at the 1.0465 area, 0.2% above its opening price.
From a technical view, the UBS team holds a bullish bias for the AUDUSD. "With trend indicators bullish, the risk is for more upside and a break above 1.0490 would open the doors to test 1.0625", UBS says."Support lies at 1.0413".
AUDUSD found support at the 1.0425 area, and having risen more than 50 pips within the last hours, it hit a fresh daily high of 1.0478 in recent dealings. At time of writing, AUDUSD is quoting at the 1.0465 area, 0.2% above its opening price.
From a technical view, the UBS team holds a bullish bias for the AUDUSD. "With trend indicators bullish, the risk is for more upside and a break above 1.0490 would open the doors to test 1.0625", UBS says."Support lies at 1.0413".
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