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Forex: AUD/USD bracketed between 1.0310/40

By FXstreet.com,  April 24, 2012, 08:49:00 PM EDT

FXstreet.com (San Francisco) - In the midst of Anzac day in the Asia-Pacific, the Australian dollar is seeing modest price action, having inched slightly higher to 1.0337 on the back of positive risk sentiment after Apple's earning beat micro economists' expectations yet again.

According to FXstreet.com Chief Analyst, Valeria Bednarik, "In the 4 hours chart price is overcoming 20 SMA while indicators hold in negative territory, suggesting the upside remains limited: key resistance is located around 1.0350/60, a daily descendant trend line coming from 1.0855."

A clear break above this last should trigger some buying interest, says Ms. Bednarik, "although the long term trend remains bearish as long as below the 1.0550 mark," she says. Last quoted at 1.0320, the pair is pulling back from session highs, with support levels noted at 1.0300, 1.0260 and 1.0225, while further resistance lies at 1.0360 and 1.0410.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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