AUD/USD is creeping up
AUD/USD is slowly creeping up for the fourth day in a row. Shanghai Composite rose by 0.06%, metal prices edged a bit higher as well.
Aussie’s approaching to the resistance at $0.9325. Technical picture hasn’t changed much from our last review. Daily MACD divergence provides momentum for some more correction up. There’s the more important resistance area at $0.9405/15 and then at $0.9435, $0.9485. The main support is located at $0.9140 (38.2% Fibo of the advance in 2008-2011).
Analysts at ANZ say that though the recent ascend of AUD lacks impulse and there’s a risk of another slide to $0.9060/75, Australian currency may recover some more of the lost grounds. The situation would improve if AUD/USD manages to close above $0.9300, though a clear break of trend channel resistance and a close above $0.9380 is needed to confirm a period of corrections to $0.9690/00 and $0.9850/60 before the broader decline resumes.
Chart. Daily AUD/USD