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Forex: AUD/USD back to session highs, still sideways

FXstreet.com (Barcelona) - AUD/USD has moved higher last at 1.0380 near session highs enjoying the risk appetite surge in Shanghai and Hong-Kong markets, both higher by +2.10% and +0.84% respectively, carrying the Aussie with them. With Tokyo closed for holidays and first day for BoJ's new staff, AUD/USD has managed to keep the downside limited to recent session lows at 1.0354, though still in the negative for the week so far.

According to CMT and FXstreet.com Independent Analyst Fan Yang, the AUD/USD “remains in a recent consolidation range between 1.0336 and 1.0413. Above 1.0413, the next resistance would be in the 1.0475-1.05 area, which includes previous support/resistance pivots and the 78.6% retracement of the 2013 decline,” the analyst notes, adding: “However a break below 1.0336 first focuses on 1.03, but also would be an early sign of topping in the near-term. A break below 1.03 should also clear a rising trendline from March and put the focus back toward the 1.02 handle and possibly lower,” he concludes.

Fan finds support levels at: 1.0285, 1.0317 and 1.0339, while resistance levels: 1.0393, 1.0425 and 1.0447.

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