AUD/USD forex technical analysis round-up: Dec. 7

ForexNewsNow | Published on December 7, 2010 at 3:44 am

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intraday analysis - The Australian FlagNEW YORK (Forex News Now) – The Aussie was rising against the greenback today, trading at 0.9923 as of around 8:30 A.M., GMT.

The Aussie is up 0.23% on the day and has reached a session high of 0.9933 with a low of 0.9872 so far.

This is what a couple of the analysts say about the currency pair in the near-term:

Forexcycle writes that AUD/USD is testing 0.9953 resistance, a break above this level will suggest the rise from 0.9537 is a resumption of uptrend from 0.8066 and another rise towards 1.0500 could be seen.

“Support is at 0.9775, only break below this level will indicate that a cycle top has been formed at 0.9936 level on 4-hour chart, then pullback 0.9700 area is expected to follow,” the realtime forex news site adds.

Meanwhile, Precise Trader notes that a cautious approach is needed for the bears as the hourly oscillators are bearish but weak and the price is above the MA.

“Hourly trend is sideways while 98.30 holds and daily trend is turning up while 96.25 holds, so expect the price to be choppy until the breakout,” it adds in its advice for online FX trading.

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