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Forex Flash: AUD/USD bullish while above 55-week MA - Commerzbank

By FXstreet.com,  January 15, 2013, 07:54:00 AM EDT

FXstreet.com (Barcelona) - The AUD/USD is slowly grinding higher and approaching the 1.0613/24 resistance area (August and September highs), where the market should hold. "We are wary that we will see these hold the initial test - we note the TD perfection set- up on the daily chart and these can sometimes alert to initial failure", wrote analyst Karen Jones, expecting an upside bias while underpinned by its 1.0371 55 week moving average. "Should 1.0624 be eroded the next resistance is the 1.0857 (2012 high)", Jones added, while looking for the AUD/USD to remain capped by 1.0565/1.0624 over the medium term, where it would turn back and slide back to 1.0000, then the base of an 20 month converging range, at 0.9755 currently.




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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