Forex Technical Update
AUD/USD 4H Chart 11/23/2012 9:05AM EST
Resistance: The AUD/USD is back at the 1.04-1.,0420 resistance area, including the previous resistnace pivot from earlier this week, and a projected declining resistance maybe just a tad higher. Also the 4H RSI is at 60. If bearish momentum is to be maintained, it should hold below 60.
Breakout: On the other hand, if there is a break above the noted resistance cluster, AUD/USD exposes the 1.0479 November-high. A swing projection targets 1.0470. Watch out for at least some very short-term resistance there.. The market has turned from bullish to sideways, so it will require a break above 1.0480 to bring back the bullish outlook, which has room up to the July and September highs around 1.0620. The range for the noted sideways market is between 1.03 and 1.0480.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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