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29 Mar 2013
Forex: AUD/USD slightly higher on the day
The AUD/USD was facing some upside resistance around 1.0425 and retraced all its gains by easing to 1.0412, but the market remains slightly on the “green side”.
Australia is closed for Good Friday holiday. The AUD/USD is climbed a lot this month: from 1.0115 low, the cross found its upside limited just below 1.0500, at 1.0497 high.
“Near-term price action confirmed a breakdown of the March rising trendline, but price probably needs to clear below 1.04 to draw a near-term bearish outlook toward the 1.0335-1.0350 area which contains the support from a previous consolidation area and 38.2% retracement of the March rally”, wrote FXstreet.com analyst Fan Yang.
Australia is closed for Good Friday holiday. The AUD/USD is climbed a lot this month: from 1.0115 low, the cross found its upside limited just below 1.0500, at 1.0497 high.
“Near-term price action confirmed a breakdown of the March rising trendline, but price probably needs to clear below 1.04 to draw a near-term bearish outlook toward the 1.0335-1.0350 area which contains the support from a previous consolidation area and 38.2% retracement of the March rally”, wrote FXstreet.com analyst Fan Yang.