25 Mar 2014
AUD/USD needs clean 0.9950 break to move into next phase - FXStreet
FXStreet (Bali) - AUD/USD saw consistent positive flows during Monday, ignoring disappointing HSBC Flash China PMI to instead follow the path of least resistance, which led to a new 2014 high of 0.9149.
In an analysis published recently, the following observations were made:
"AUD/USD broke through a descending trendline coming off 1.0540, which led to a kiss of the 200-day MA. The market looks constructive for a potential extension to the upside, as both the tenkan and kijun lines keep guiding the price higher. Besides, the expansion of the future cloud communicates bullish sentiment towards the AUD is increasing."
"A clean break above 0.9250/60 is now necessary to seek more ambitious targets near term. Should an upside resolution materialize, 0.9220 (50% fib retrac 0.9740-0.8640) and 0.9250 (horizontal resistance) are the next hurdles to overcome by buyers. On the downside, any setback should continue to see resilent AUD dip buying, with a retest of the broken trendline, 0.91 and 0.9050/70 the levels where most of the demand clusters are expected to be found."
In an analysis published recently, the following observations were made:
"AUD/USD broke through a descending trendline coming off 1.0540, which led to a kiss of the 200-day MA. The market looks constructive for a potential extension to the upside, as both the tenkan and kijun lines keep guiding the price higher. Besides, the expansion of the future cloud communicates bullish sentiment towards the AUD is increasing."
"A clean break above 0.9250/60 is now necessary to seek more ambitious targets near term. Should an upside resolution materialize, 0.9220 (50% fib retrac 0.9740-0.8640) and 0.9250 (horizontal resistance) are the next hurdles to overcome by buyers. On the downside, any setback should continue to see resilent AUD dip buying, with a retest of the broken trendline, 0.91 and 0.9050/70 the levels where most of the demand clusters are expected to be found."