ronfinberg

ronfinberg

The AUDUSD looks well placed to keep rolling higher today. Although it hit overbought levels on the RSI, it has formed a support base at 1.0360 indicating that demand has stepped up and yesterday's move wasn't just a short breakout after 1.0285 resistance was cleared. Also, the trade could see extra short term buying if and when it takes out 1.0400 and triggers...

ronfinberg

Although the AUDUSD has traded above its 1.0280 resistance of the last two weeks (Blue Line) the pair remains an under performer in the current risk rally (see EURUSD vs AUDUSD gains). As such, it looks more like sellers are just backing off than buyers returning to the AUDUSD. Therefore, would go short if rally subsides and trades back below its previous resistance.