OctaFX | OctaFX Forex Broker
Open trading account

Forex: AUD/USD jumps above 1.0400

FXstreet.com (San Francisco) - Following a consolidator period between 1.0360 and 1.0385, the AUD/USD has jumped around 50 pips to break the top of the range and rise above the 1.0400 resistance to trade at the highest level since February 5 at 100410. Currently the pair is trading at 1.0405.

With 0.15% daily gains from opening price, the AUD/USD is inside a slightly bullish trend according to the Fxstreet.com Forex Studies. CCI and Momentum indicators are bullish while the MACD and Stochastic are neutral in the 1-hour chart.

“The recent strength is approaching resistance 1.0414, a closing break above would be positive opening 1.0458. Support is at 1.0267 ahead of 1.0202”, commented Strategists G.Yu and G.Berry at UBS.

Above the 1.0400 level, next resistances come at 1.0440 and 1.0460. Supports are at 1.0385, 1.0360 and1.0340.

Forex Flash: AUD/CAD could see slip on RBA – Westpac

The Bank of Canada’s lack of urgency to tighten policy has contrasted with a sharp reduction in market pricing for RBA easing to help produce one year highs above 1.0600. According to Global FX Strategist Sean Callow at Westpac, “Momentum could extend to near the 1.0700 region, but this is likely to be short-lived, with CAD short positioning extreme and RBA pricing more likely to move towards -25bp than zero. This should see the AUD/CAD slip back to 1.0400 multi-week.”
Read more Previous

Forex Flash: Will markets soon follow fundamentals again? – UBS

Since the beginning of the year, especially after the minutes of the December FOMC minutes were released, the market has been looking into the prospect of finally following data, in the hope that the Fed would adjust its policy path in kind. After all, the numerical targets were launched with this very objective. As a result, the dollar moved to wards a neutral relationship with changes in break evens, i.e. not responding adversely to any rises at the very least.
Read more Next
Start livechat