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AUD/USD edges higher to 0.9785/88 though trading negatively

FXstreet.com (Barcelona) - The AUD/USD has continued paring its daily losses, following an earlier bounce off the 0.9772 level – during US trading Tuesday, the pair is still operating negatively, albeit at 0.9785/88.

According to the UBS Research Team, “Any upside in the AUD/USD will be correction, unwinding the overextended downside conditions. Resistance is at 0.9831 ahead of 0.9918. The broader focus is for a test of major support at 0.9582, supporting a bearish outlook.”

There is little of note on the economic calendar for the remainder of today, however tomorrow during the overnight session in Australia, the Westpac Consumer Confidence (May) and the Westpac Consumer Confidence Index (May) are slated for release at 00:30 GMT.

“The AUD/USD rose during the overnight session to above 0.9825-0.9830, where stability is conceived positive. Still the overall bearish trend is prevalent so we can't favor the upside movement at the time being, especially as the stochastic is heading rapidly toward overbought areas. As for now, we recommend neutrality waiting for clearer signals for a certain direction.” notes the ICN.com technical analyst team.

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