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Forex: AUD/USD testing the 0.9250 area

By FXstreet.com,  April 19, 2010, 09:28:00 PM EDT

FXstreet.com (Córdoba) - During the Asian session, the Aussie has continued its rally. AUD/USD finally could break the 0.9200 resistance area and at the moment is testing the 0.9250 zone.

The Australian dollar, posted a 3-week low at 0.9154 and bounced at that level, where AUD/USD began a readjusting movement across the board peaking at 0.9262. Currently the pair is trading at the 0.9250 area, 0.66% above its opening price.

Further corrections are expected for AUD/USD. "It was mentioned that if we see the RSI break below 40, there may be a more significant correction. It has broken below 40 and touched 30. However price action is still supported at the 61.8% retracement at 0.9150/0.9160. This is also a rising support", said Fan Yang, analyst at CMS Forex.





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

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