AUD/USD: Trying to Bounce

By: MIG Bank | Wed, Apr 30, 2014
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AUD/USD is trying to bounce near the support area given by 0.9214 and the rising channel (around 0.9210). A break of the hourly resistance at 0.9317 (28/04/2014 high, see also the declining trendline) is needed to improve the short-term technical structure. Another resistance lies at 0.9378 (22/04/2014 high).

In the medium-term, the successful test of the key resistance at 0.9448 could signal the end of the recent phase of AUD appreciation. However, a break of the aforementioned support area between 0.9214 and 0.9210 is needed to confirm such scenario.

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Author: MIG Bank

MIG Bank

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