FXstreet.com (Córdoba) - The Australian dollar edged modestly higher versus the greenback on Wednesday as risk aversion eased, although recovery attempts remain capped by technical resistance at the 1.0250/55 area.
AUD/USD climbed nearly 50 pips throughout the day and reached a high of 1.0253 before stalling just ahead of the 100-day SMA (1.0257). At time of writing, AUD/USD is trading at the 1.0250 area, 0.5% above its opening price.
"The bigger picture is bearish for a fall to 1.0100 and 1.0000 in the coming days but only after we see some rise towards 1.0275-330", says the Kshitij Consultancy Services Team. "Post 1.0330 we can see a dip again and the pair can continue the bearish trend. On the other hand if 1.0330-70 is broken a further up move towards 1.0560 can also be seen which is a trend line resistance on the daily charts".
AUD/USD climbed nearly 50 pips throughout the day and reached a high of 1.0253 before stalling just ahead of the 100-day SMA (1.0257). At time of writing, AUD/USD is trading at the 1.0250 area, 0.5% above its opening price.
"The bigger picture is bearish for a fall to 1.0100 and 1.0000 in the coming days but only after we see some rise towards 1.0275-330", says the Kshitij Consultancy Services Team. "Post 1.0330 we can see a dip again and the pair can continue the bearish trend. On the other hand if 1.0330-70 is broken a further up move towards 1.0560 can also be seen which is a trend line resistance on the daily charts".
