Forex Analysis
by ForexNewsNow Team on December 21st, 2010

AUD/USD forex technical analysis round-up: Dec. 21

NEW YORK (Forex News Now) – The Aussie dollar was rising against the greenback today, trading at 0.9957 as of around 8:15 A.M., GMT.

The Aussie is up 0.22% on the day and has reached a session high of 0.9976 with a low of 0.9918 so far.

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

Forexcycle writes that AUD/USD failed to break off the lower bottom line of the price channel on 4-hour chart and rebounded from 0.9830, suggesting that a cycle bottom has been formed.

“Further rise towards 1.0027 resistance is expected later today, a break above this level will target 1.0100 area. Key support is now at 0.9830, only fall below this level could indicate that the rise from 0.9537 is complete,” it continues in its intraday analysis.

4XEagleEye, for its part, writes that further bullish actions could be seen on the currency pair.

“A break below (0.9832) could be a threat to the bullish scenario targeting (0.9740) even (0.9705). On upside. Immediate resistance is at (0.9965). A close above that area should keep the major bullish scenario intact testing (1.0052) area. Long positions are favored for today,” it adds in advice for FX traders.

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