Forex Analysis
by ForexNewsNow Team on December 28, 2010

AUD/USD forex technical analysis round-up: Dec. 28

Aussie dollarNEW YORK (Forex News Now) – The Aussie rose against the greenback today, trading at 1.0090 as of around 9:20 A.M., GMT.

The Aussie is up 0.44% on the day and has reached a session high of 1.0092 with a low of 1.0041 so far.

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

Forexcycle writes that AUD/USD’s upward movement from 0.9830 extends further to as high as 1.0079 level.

“As long as 0.9987 support holds, uptrend is expected to continue and next target would be at 1.0110 area. On the downside, below 0.9987 will indicate that a cycle top has been formed on 4-hour chart, and the rise from 0.9830 has completed, then the following bearish movement could bring price back to 0.9600-0.9700 area,” it writes in intraday analysis.

FXstreet notes in AUD/USD analysis that Aussie strength is undeniable at this point, supported not only by rate differential in the long term, but also for rising stocks in the short one.

“Currently above 1.0060 previous high, pair is heading towards 1.0110 first and the 1.0180 area later recent 35 years high. Indicators in the hourly chart hold the bullish tone, while 4 hours chart shows a stronger momentum and a rising 20 SMA acting as dynamic support,” the realtime forex news site adds.

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