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19 Feb 2013
Forex: AUD/USD posting fresh highs at 1.0360/65
The Australian dollar is extending its intraday upside on Tuesday, surpassing 1.0360 as of writing. Despite the risk aversion dominating the major part of the day, the AUD upside was bolstered by a less dovish tone from the RBA minutes released earlier today.
Christopher Vecchio, Currency Analyst at DailyFX, argued that the recent bull run from 1.0220/30 has stalled around 1.0360/80, indicative that the offered tone would persist.
“Accordingly, a Symmetrical Triangle on lower timeframes appears to have formed off of the low, suggesting that a continuation towards 1.0135/75 may still be possible during the remainder of February. A move below 1.0260/70 would confirm the breakdown. With the downtrend swing highs coming in at 1.0460/80, our bias remains bearish against this zone. A break above implies a rebound back towards the highs above 1.0600”, concluded the expert.
AUD/USD is now up 0.51% at 1.0360 with the next resistance at 1.0375 (high Feb.15) en route to 1.0387 (MA21d) and then 1.0400 (high Feb.6).
On the other hand, a breach of 1.0321 (MA200d) would clear the way to 1.0317 (MA10d) and finally 1.0276 (low Feb.18).
Christopher Vecchio, Currency Analyst at DailyFX, argued that the recent bull run from 1.0220/30 has stalled around 1.0360/80, indicative that the offered tone would persist.
“Accordingly, a Symmetrical Triangle on lower timeframes appears to have formed off of the low, suggesting that a continuation towards 1.0135/75 may still be possible during the remainder of February. A move below 1.0260/70 would confirm the breakdown. With the downtrend swing highs coming in at 1.0460/80, our bias remains bearish against this zone. A break above implies a rebound back towards the highs above 1.0600”, concluded the expert.
AUD/USD is now up 0.51% at 1.0360 with the next resistance at 1.0375 (high Feb.15) en route to 1.0387 (MA21d) and then 1.0400 (high Feb.6).
On the other hand, a breach of 1.0321 (MA200d) would clear the way to 1.0317 (MA10d) and finally 1.0276 (low Feb.18).