Forex: AUD/USD rejects off 1.0600
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AUD/USD
FXstreet.com (San Francisco) - AUDUSD encountered heavy selling interest after breaching the 1.0600 handle overnight Tuesday, peaking at 1.0603 before closing the US session practically unchanged at 1.0553.
As Sean Lee, Founder of FXWW says in a research note, "Many traders are trying to pick a top here, pointing at decreased panic in EZ debt markets and possible RBA intervention, but dips are still quite shallow. I prefer to wait and sell rallies and I'm waiting for a test of the wedge top near 1.0700."
However, Valeria Bednarik, Chief Analyst at FXstreet.com observes the following: "While the long term trade will remain in place even in price nears 1.0360, a bearish leg seems now more likely than a break above the 1.0605 high."
At the time of writing, AUDUSD trades at 1.0543, with immediate support seen at 1.0540, 1.0500 and 1.0470, while resistance levels lie at 1.0580, 1.0605 and 1.0640.
As Sean Lee, Founder of FXWW says in a research note, "Many traders are trying to pick a top here, pointing at decreased panic in EZ debt markets and possible RBA intervention, but dips are still quite shallow. I prefer to wait and sell rallies and I'm waiting for a test of the wedge top near 1.0700."
However, Valeria Bednarik, Chief Analyst at FXstreet.com observes the following: "While the long term trade will remain in place even in price nears 1.0360, a bearish leg seems now more likely than a break above the 1.0605 high."
At the time of writing, AUDUSD trades at 1.0543, with immediate support seen at 1.0540, 1.0500 and 1.0470, while resistance levels lie at 1.0580, 1.0605 and 1.0640.
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