FXStreet (Bali) - Niall O'Connor, FX Strategist at JPMorgan, notes that the .9330/20 support zone in AUD/USD remains key, adding that a break below would be the first sign that a deeper corrective phase is finally due.



Key Quotes



"While the setup for AUD/USD has been resilient of late especially given last week’s reversal from the short term range lows near .9330/20, the pair continues to struggle to extend."



"In this regard, the action highlights the importance of the .9506/.9545 resistance zone which includes the recent range highs, the 76.4% retracement of the decline from the October ’13 high and the November peak."



"Only sustained breaks through this area would suggest a closer test of the .9758 October peak. A violation of the .9330/20 support zone and short term range lows would be the first sign that a deeper corrective phase is finally due and another sign that the broad USD picture is improving."



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY extended gains to 123.27

  2. Forex News

    USD/JPY: Waiting for some better macro data from Japan – Growth Aces

  3. Forex News

    USD/JPY reaches 123.00 after US durable goods

  4. Forex News

    USDOLLAR Index Bottom Looks Established by Now

  5. Forex News

    Outlook for FX Majors: Bullish on USD/JPY – Littlefish FX

Trading Center