FXstreet.com (Barcelona) - There has been an ebullient willingness to take risk on Wednesday, after robust data in Australian GDP, up to 1.2% in Q2, couple with solid manufacturing figures in US and China, was translated in a sharp rally in the Austrian Dollar.
AUD/USD managed to rise over 210 pips or a 2.35% if compared to its previous close. AUD/USD just hit a fresh 3-week high at 0.9112. Ironically, we were writing about the pair having touched a fresh 1-month low at 0.8770 only a week ago.
According to Cesar Leiceaga, Independent Trader and FX technical analyst at DELTASTOCK: “Possible Inverse H&S in the 4 hour chart now pushing towards the 100% extension and Neckline resistance in 0.9112 . A close above it would target 2009/2010 resistance in 0.9400 but have in mind we have 0.9220 in the way… A corrective move could be on the way due to todays rally and 0.90 figure should offer good support.
AUD/USD managed to rise over 210 pips or a 2.35% if compared to its previous close. AUD/USD just hit a fresh 3-week high at 0.9112. Ironically, we were writing about the pair having touched a fresh 1-month low at 0.8770 only a week ago.
According to Cesar Leiceaga, Independent Trader and FX technical analyst at DELTASTOCK: “Possible Inverse H&S in the 4 hour chart now pushing towards the 100% extension and Neckline resistance in 0.9112 . A close above it would target 2009/2010 resistance in 0.9400 but have in mind we have 0.9220 in the way… A corrective move could be on the way due to todays rally and 0.90 figure should offer good support.
