6 May 2014
AUD/USD remains capped by 0.9315
FXStreet (Córdoba) - The AUD/USD resumed the upside following a pullback from Asian session highs, and is struggling to hold above the 0.9300 mark during the European trade.
The AUD/USD spiked to 0.9315 as knee-jerk reaction to the RBA decision to keep rates on hold, but failed to sustain gains and retreated. However, with the dip contained by the 0.9270 area, the Aussie managed to regain the upside. At time of writing, the AUD/USD is trading at the 0.9305, recording a 0.36% gain Tuesday, with 0.9315 as immediate resistance to clear.
AUD/USD technical outlook
From a technical perspective, “AUD/USD has confirmed an exhaustion of the short-term selling pressures by rising towards its resistance at 0.9317 (28/04/2014 high). However, a break of this level is needed to validate a short-term base formation”, said Luc Luyet, analyst at Swissquote Bank SA. “Another hourly resistance can be found at 0.9378 (22/04/2014 high). An hourly support now lies at 0.9253 (05/05/2014 low)”.
The AUD/USD spiked to 0.9315 as knee-jerk reaction to the RBA decision to keep rates on hold, but failed to sustain gains and retreated. However, with the dip contained by the 0.9270 area, the Aussie managed to regain the upside. At time of writing, the AUD/USD is trading at the 0.9305, recording a 0.36% gain Tuesday, with 0.9315 as immediate resistance to clear.
AUD/USD technical outlook
From a technical perspective, “AUD/USD has confirmed an exhaustion of the short-term selling pressures by rising towards its resistance at 0.9317 (28/04/2014 high). However, a break of this level is needed to validate a short-term base formation”, said Luc Luyet, analyst at Swissquote Bank SA. “Another hourly resistance can be found at 0.9378 (22/04/2014 high). An hourly support now lies at 0.9253 (05/05/2014 low)”.