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Daily Forex Technicals |
Written by FXTimes |
Apr 27 12 13:41 GMT
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AUD/USD Trading Up to the 1.0450-1.0463 Resistance Zone
The AUD/USD popped up in the Asian -European session from a recent near-term consolidation just below 1.04. The rally into the 4/27 US session (last of the week), reflects one with bullish momentum. The RSI tagged, 70, failed to clear below 40 and is now back above 60, threatening 70.
Price action is strong as well, but there is a resistance area to monitor as we start the next week. The 1.0450-1.0463 area has provided resistance and are the highs in April. The ability to break above that opens up an earlier resistance pivot in the 1.0545-1.0555 area. Rejection from the 1.0450-1.0463 area reflects a range bound market pulling price back toward the middle, or central pivot. In this case that would be the 1.0350 area. Thus, this should be the maximum short-term target for a bearish outlook from range resistance.
Be aware of the Reserve Bank of Australia's meeting Monday evening in the US/Tuesday morning in Asian trading. The bank is expected to cut the official cash rate by 25 bps from 4.25% to 4.00%.
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