Forex: AUD/USD finds support at 1.0550
Forex pairs in this Article »
AUD/USD
FXstreet.com (Córdoba) - After rallying toward a 4-month high on Thursday, the Australian dollar found resistance ahead of the 1.0600 and has been slowly retracing gains during Friday's session.
AUDUSD peaked at 1.0597 and turned south, although the setback has been contained by the 1.0555 area so far. At time of writing, AUDUSD is quoting at the 1.0570 zone, still 0.2% below its opening price.
"On the short term charts it looks as if it can give a short term dip but at the same time the longer term charts are still looking bullish", says Kshitij Consultancy Services Team. "A weekly close at these levels will be very good for the pair in the longer term. Having said that it needs to break 1.0620 which will makes it quite bullish in the medium/longer term"
"Near term supports are seen near 1.0530 and 1.0470 which should cap the pair's downside", they add.
AUDUSD peaked at 1.0597 and turned south, although the setback has been contained by the 1.0555 area so far. At time of writing, AUDUSD is quoting at the 1.0570 zone, still 0.2% below its opening price.
"On the short term charts it looks as if it can give a short term dip but at the same time the longer term charts are still looking bullish", says Kshitij Consultancy Services Team. "A weekly close at these levels will be very good for the pair in the longer term. Having said that it needs to break 1.0620 which will makes it quite bullish in the medium/longer term"
"Near term supports are seen near 1.0530 and 1.0470 which should cap the pair's downside", they add.
Free Annual Reports
