Forex: AUD/USD struggling to break higher above 1.0450
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AUD/USD
FXstreet.com (Barcelona) - With best Westpac confidence advance in monthly basis percent in 12 months just released, rising +5.4%, AUDUSD is currently dealing with double weekly high around the 1.0446 asks, up from late NY intraday lows at 1.0425. The pair gains some +0.59% for the week so far.
But not everything looks so clear, as Greg McKenna notes, CEO at Lighthouse Securities, and former Head of Currency Strategy at the NAB and Westpac: "Looking at the price action I have to say I feel a strange voice coming on and a need to say 'move along now, nothing to see here'," the analyst says, adding: "which seems the appropriate course of action - at least on the daily charts," Mr. McKenna concludes.
Immediate resistance to the upside for AUDUSD shows at current levels as Nov 12 highs and 61.8% Fibo retrace of downside leg 1.0625/1.0144 at 1.0442, followed by Sept 28/Nov 07 highs at 1.0475, and Sept 19 highs at 1.05 round. To the downside, closest support lies at yesterday's highs 1.0440, followed by Nov 02 highs at 1.0420, and yesterday's lows at 1.0395.
But not everything looks so clear, as Greg McKenna notes, CEO at Lighthouse Securities, and former Head of Currency Strategy at the NAB and Westpac: "Looking at the price action I have to say I feel a strange voice coming on and a need to say 'move along now, nothing to see here'," the analyst says, adding: "which seems the appropriate course of action - at least on the daily charts," Mr. McKenna concludes.
Immediate resistance to the upside for AUDUSD shows at current levels as Nov 12 highs and 61.8% Fibo retrace of downside leg 1.0625/1.0144 at 1.0442, followed by Sept 28/Nov 07 highs at 1.0475, and Sept 19 highs at 1.05 round. To the downside, closest support lies at yesterday's highs 1.0440, followed by Nov 02 highs at 1.0420, and yesterday's lows at 1.0395.
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