FXstreet.com (San Francisco) - In the midst of a quiet and practically data-less Asia-Pacific session this Thursday, the AUD/USD pair has managed to push above the 61.8% Fibonacci retracement level of this year’s fall to extend as high as 1.0396, a level not seen since the first day of May.
Lingering just below the 1.0400 figure, the pairing records a session gain of 0.3%. Should the rally extend beyond the mentioned figure, ascending trendline resistance (20 June/5 July peaks) comes in at 1.0410. A push above there would open scope for AUD/USD to test resistance in the April 12th peak at 1.0457.
According to Brent Hansen, analyst at IFR Markets: "There are rumours Bundesbank will add AUD to reserve mix while speculation of imminent RRR cut in China/pick-up in China Bank lending underpin." Brent sees AUD looking to match-off with option supply above 1.0400.
Lingering just below the 1.0400 figure, the pairing records a session gain of 0.3%. Should the rally extend beyond the mentioned figure, ascending trendline resistance (20 June/5 July peaks) comes in at 1.0410. A push above there would open scope for AUD/USD to test resistance in the April 12th peak at 1.0457.
According to Brent Hansen, analyst at IFR Markets: "There are rumours Bundesbank will add AUD to reserve mix while speculation of imminent RRR cut in China/pick-up in China Bank lending underpin." Brent sees AUD looking to match-off with option supply above 1.0400.
