Currency Analyst since 2010

AUD/USD at highest since June

AUD/USD rose today to the highest level since June at $0.9547. Aussie rose as the RBA kept neutral tone.

If Australian dollar settles above Sept. highs at $0.9524/28, it might have chance to rise to $0.9580 (May 2012 low) and $0.9565 (June 14 high), though we believe the upside to be limited by $0.9700/15 (50% Fibo). Aussie may rise as the risk sentiment improves on the positive news from the USA.

The pair’s currently trading above 38.2% Fibo retracement level of the decline from April to August at $0.9509. Note, however, that there’s some MACD and RSI divergence on the daily chart. Support is at $0.9485 (Oct. 8 highs), $0.9457 (Oct. 4 high) and $0.9422 (October 8 low). A break of support at $0.9280 will indicate that rebound from $0.8847.

Chart. Daily AUD/USD

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