“Positive numbers in both, Australia and China, will likely open doors for a retest of the yearly high of 1.0855 set early February for the upcoming weeks,” comments Valeria Bednarik, Chief Analyst at FXstreet.com. In the near-term, Ms. Bednarik says to “Wait for a break above 1.0605 recent high to confirm a continuation rally towards 1.0640 first and 1.0680 later on the day;” support levels noted at 1.0530, 1.0500 and 1.0470.
“The market seems keen to try and pick a top on AUD/USD, especially with the possibility of increased RBA intervention, but the daily chart is showing few signs of topping just yet,” says Sean Lee, Founder of FXWW. “Personally I prefer to wait for a test of stronger technical resistance levels near 1.0700 before trying the contrarian trade. There are stop-loss orders reported above 1.0615 and they will also be a target.” AUD/USD last trades in the 1.0570 area.