Forex: AUD/USD trading near 1.0500
Forex pairs in this Article »
AUD/USD
FXstreet.com (Barcelona) - Like its antipodean counterpart, the AUD has rallied Wednesday on renewed optimism emanating out of the United States, which has yielded a profound impact on all commodity currencies. After briefly touching the 1.0500 level earlier today (daily maximum), the pair has eased slightly into the region of 1.0487/93, whereby still securing an advance of +0.88% above its opening.
According to the Kshitij Consultancy Team, "A further rise towards 1.0540 can be seen as this level is the AUDUSD trend line resistance on the weekly charts. We need to see how it behaves near this resistance, though currently it is recommended to stay put of the markets as the outlook is mixed. Dips can now find support near 1.0400-390 levels."
From a technical perspective, the team highlights the next resistive structure for the AUDUSD at 1.0540. Conversely, initial support lies at 1.0400 (key support), then 1.0345, onto 1.0280.
According to the Kshitij Consultancy Team, "A further rise towards 1.0540 can be seen as this level is the AUDUSD trend line resistance on the weekly charts. We need to see how it behaves near this resistance, though currently it is recommended to stay put of the markets as the outlook is mixed. Dips can now find support near 1.0400-390 levels."
From a technical perspective, the team highlights the next resistive structure for the AUDUSD at 1.0540. Conversely, initial support lies at 1.0400 (key support), then 1.0345, onto 1.0280.
Free Annual Reports
