Forex: AUD/USD stalls the rally ahead of 1.0560
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AUD/USD
FXstreet.com (Barcelona) - As risk appetite has risen in Asia-Pacific following unexpectedly good trade balance Chinese figures, AUDUSD is currently around fresh session and 3-week highs last at 1.0550. SP500 futures are also at fresh session highs, with local share markets soaring, Nikkei index +0.78% above the 10600 points, and Hang-Seng +1.00%.
As FXWW founder Sean Lee reports, there are "stops above 1.0590 and again above 1.0605," the analyst says, while highs so far have been printed at 1.0557. The pair is currently struggling with long term descending trend line coming from July 2011 highs at 1.1080, that already worked as resistance during past Dec highs. Gold is about flat for the session being around $1656, while oil is at session highs above the $93 mark, and iron ore looks "overdue for a pullback," Westpac analysts say.
Immediate resistance to the upside for AUDUSD shows at recent session and 3-week highs at 1.0557, followed by Dec highs at 1.0586, and Aug highs at 1.0616. To the downside, nearest term support lies at Monday's highs 1.0514/6, followed by recent session lows at 1.0492, and weekly Monday lows at 1.0466.
As FXWW founder Sean Lee reports, there are "stops above 1.0590 and again above 1.0605," the analyst says, while highs so far have been printed at 1.0557. The pair is currently struggling with long term descending trend line coming from July 2011 highs at 1.1080, that already worked as resistance during past Dec highs. Gold is about flat for the session being around $1656, while oil is at session highs above the $93 mark, and iron ore looks "overdue for a pullback," Westpac analysts say.
Immediate resistance to the upside for AUDUSD shows at recent session and 3-week highs at 1.0557, followed by Dec highs at 1.0586, and Aug highs at 1.0616. To the downside, nearest term support lies at Monday's highs 1.0514/6, followed by recent session lows at 1.0492, and weekly Monday lows at 1.0466.
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