Forex: AUD/USD remains capped by 1.0550
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AUD/USD
FXstreet.com (Córdoba) - Propelled by positive market mood and expectations for US monetary policy action, the AUDUSD printed a fresh 3-month high on Wednesday.
AUDUSD reached its highest since mid September at 1.0544 before finding resistance and pulling back slightly. At time of writing, AUDUSD is trading at the 1.0540 zone, still up 0.1% on the day.
With AUDUSD having broken above 1.0500, Fan Yang analyst at FXTimes argues that the bullish break opens up the August and September highs in the 1.06-1.0623 area. "A this point, if the AUDUSD falls back below 1.05 say after the risk events today (FOMC at 12:00PM EST, Bernanke at 2:15PM EST), then the bullish outlook could be shelved for further consolidation. However, the bearish outlook is probably held off unless AUDUSD falls back below 1.04".
AUDUSD reached its highest since mid September at 1.0544 before finding resistance and pulling back slightly. At time of writing, AUDUSD is trading at the 1.0540 zone, still up 0.1% on the day.
With AUDUSD having broken above 1.0500, Fan Yang analyst at FXTimes argues that the bullish break opens up the August and September highs in the 1.06-1.0623 area. "A this point, if the AUDUSD falls back below 1.05 say after the risk events today (FOMC at 12:00PM EST, Bernanke at 2:15PM EST), then the bullish outlook could be shelved for further consolidation. However, the bearish outlook is probably held off unless AUDUSD falls back below 1.04".
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