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

    Video: AUDUSD, GBPUSD and USDJPY Better Trade Options Than EURUSD

  2. Forex News

    Global Equity Markets Look Unsettled, China Is Tumbling

  3. Forex News

    USD/JPY supported at 122.60

  4. Forex News

    USD/JPY drops to 122.60

  5. Forex News

    USD/JPY: Will Yen find love on safe haven appeal?

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!