27 Mar 2014
AUD/USD seeking recent trend highs
FXStreet (Bali) - AUD/USD continues to find buyers on shallow dips, with the rate posting new session highs at 0.9240 after a false break of 0.9217/20 support.
On the hourly chart, the pair has regained the tenkan line on the hourly, suggesting that a resumption of the uptrend towards recent highs ahead of 0.9275/80 up to 0.93 zone (Nov/Dec 2013 lows) comes now into focus.
As mentioned in an analysis published earlier on the session, "the AUD/USD is currently in a firm uptrend and there is still room to 'exploit a void area' up until 0.9280/0.93, which implies chances for price to resume its underlying bias are fairly high; pullbacks are expected to be shallow as buyers do not want to miss long opportunities."
Elaborating further on the potential obstacles to be faced by AUD longs, Jim Langlands, Founder at FXCharts, notes: "There is plenty of wood to chop before then though, and above the session high at 0.9245, minor resistance appears at 0.9270. Beyond there though there is not a lot ahead of 0.9300, and then again not too much ahead of the Fibo levels of the fall from 0.9757/0.8660 which are at 0.9339 (61.8%) and 0.9494 (76.4%). At this stage are a long way off and with the short term indicators looking stretched, further upside progress today may be a bit limited."
On the hourly chart, the pair has regained the tenkan line on the hourly, suggesting that a resumption of the uptrend towards recent highs ahead of 0.9275/80 up to 0.93 zone (Nov/Dec 2013 lows) comes now into focus.
As mentioned in an analysis published earlier on the session, "the AUD/USD is currently in a firm uptrend and there is still room to 'exploit a void area' up until 0.9280/0.93, which implies chances for price to resume its underlying bias are fairly high; pullbacks are expected to be shallow as buyers do not want to miss long opportunities."
Elaborating further on the potential obstacles to be faced by AUD longs, Jim Langlands, Founder at FXCharts, notes: "There is plenty of wood to chop before then though, and above the session high at 0.9245, minor resistance appears at 0.9270. Beyond there though there is not a lot ahead of 0.9300, and then again not too much ahead of the Fibo levels of the fall from 0.9757/0.8660 which are at 0.9339 (61.8%) and 0.9494 (76.4%). At this stage are a long way off and with the short term indicators looking stretched, further upside progress today may be a bit limited."