Forex: AUD/USD bounces from trend line; bid above 1.04
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AUD/USD
FXstreet.com (San Francisco) - The Australian dollar is moving higher against its U.S. counterpart this afternoon in Asia, with AUDUSD extending the bounce from ascending trend line support (Oct 8/23 trough) last hit overnight Friday, now targeting levels above 1.04 in light flow.
"Will its uptrend stay intact?" asks the BabyPips.com FX-Men Team. "Another Aussie rally could lead price up to a new high at 1.0500. But if buyers fail to sustain demand for the Aussie, it could lead the pair to break below the trend line and retest the previous low at around 1.0330."
AUDUSD is trading near its session high of 1.0420, last at 1.0415. If the positive momentum does manage to remain intact throughout the day, the 1.0445 level offers resistance (July 19 high), then 1.0475 (Sep 28 high) and, beyond the 1.05 figure, comes resistance at 1.0520 (78.6%, 1.0622/1.0147). Bearish targets are noted at 1.0357 (Friday low) and 1.0330 (July 5 high).
"Will its uptrend stay intact?" asks the BabyPips.com FX-Men Team. "Another Aussie rally could lead price up to a new high at 1.0500. But if buyers fail to sustain demand for the Aussie, it could lead the pair to break below the trend line and retest the previous low at around 1.0330."
AUDUSD is trading near its session high of 1.0420, last at 1.0415. If the positive momentum does manage to remain intact throughout the day, the 1.0445 level offers resistance (July 19 high), then 1.0475 (Sep 28 high) and, beyond the 1.05 figure, comes resistance at 1.0520 (78.6%, 1.0622/1.0147). Bearish targets are noted at 1.0357 (Friday low) and 1.0330 (July 5 high).
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