AUD/USD: bullish bias for new leg higher - FXStreet
|Valeria Bednarik, chief analyst at FXStreet explained that the AUD/USD pair rallied to a fresh 3-week high of 0.7695 at the beginning of the day, fueled by Nikkei's recovery amid improved market sentiment, although it was again rejected from the major resistance area.
Key Quotes:
"The pair saw a limited downward correction on temporal dollar's strength, but resumed its advance after approaching the 0.7600 region, in spite of the sharp decline in commodities prices during the US afternoon.
The short term picture favors a new leg higher, given that in the 1 hour chart, the Momentum indicator is bouncing from its 100 level, while the RSI indicator heads steadily higher, now around 58. In the same time frame, a strongly bullish 20 SMA has contained declines."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.