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.
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.
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