Forex: AUD/USD trading near 1.0500

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FXstreet.com (Barcelona) - Like its antipodean counterpart, the AUD has rallied Wednesday on renewed optimism emanating out of the United States, which has yielded a profound impact on all commodity currencies. After briefly touching the 1.0500 level earlier today (daily maximum), the pair has eased slightly into the region of 1.0487/93, whereby still securing an advance of +0.88% above its opening.

According to the Kshitij Consultancy Team, "A further rise towards 1.0540 can be seen as this level is the AUD/USD trend line resistance on the weekly charts. We need to see how it behaves near this resistance, though currently it is recommended to stay put of the markets as the outlook is mixed. Dips can now find support near 1.0400-390 levels."

From a technical perspective, the team highlights the next resistive structure for the AUD/USD at 1.0540. Conversely, initial support lies at 1.0400 (key support), then 1.0345, onto 1.0280.



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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