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Forex Analysis
by ForexNewsNow Team on December 29th, 2010

AUD/USD forex technical analysis round-up: Dec. 29

NEW YORK (Forex News Now) – The Aussie was rising against the greenback today, trading at 1.0143 as of around 8:25 A.M., GMT.

The Aussie is up 0.42% on the day and has reached a session high of 1.0145 with a low of 1.0089 so far.

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

Realtime forex news site FXstreet sees AUD/USD trading in a range between 0.9980 and 1.0180.

“Aussie bullish momentum pushed the pair to the 1.0150 price zone, near the 35 years high posted past November around 1.0180.correcting to the downside, pair has managed to break below 20 SMA in the hourly chart that acts now ads dynamic resistance around 1.0100, with indicators slightly bearish in the hourly chart, yet still bullish in the 4 hours one, suggesting the downside will likely remain limited,” it adds in intraday analysis.

Meanwhile, Forexcycle writes that the currency pair is staying in an uptrend line on 4-hour chart and remains in uptrend.

“As long as the trend line support holds, uptrend is expected to continue and another rise towards 1.0182 resistance is still possible later today. However, a clear break below this trend line will suggest that a cycle top is being formed. Key support is located at 0.9987, a breakdown below this level could bring price back to 0.9600-0.9700 area,” it adds in AUD/USD analysis.

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