Forex Technical Update
AUD/USD 4H Chart 7:30PM EDT 6/14/2012
The AUD/USD is pushing above the parity level which has held 3 times in June. There is a near-term pivot at 1.0020 as well, which is where the market sits heading into the 6/15 Asian session. The RSI in the 4H chart shows bullish momentum developing.
The break above 1.0020 suggests extension of June’s corrective rally. If the market can stay above parity after a throwback, we should be confirming further recovery.
The next key resistance level is just under the 1.0150 area. Here we have a previous resistance pivot (1.0145). The 61.8% retracement is at 1.0137. Also the market is likely going to test a declining trendline that has been holding a bearish market since March 2012. Even if the recovery can extend higher, we might still anticipate some resistance and a reaction here.
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Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes – provider of rex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
