9 Apr 2014
AUD/USD holds onto gains
FXStreet (Córdoba) - The AUD/USD continues to consolidate yesterday's gains, oscillating near multi-month highs at the area but unable to resume the rally as investors await the FOMC minutes release.
The AUD/USD spiked to a fresh 4-month high of 0.9386 in the wake of solid Australian confidence and housing data, but lacked follow-through and was confined to a range, contained by the 0.9350 zone on the downside. Currently, the AUD/USD is trading at the 0.9365 area, virtually unchanged Wednesday.
AUD/USD technical perspective
"The AUD/USD hourly chart shows price consolidating above its 20 SMA that turns flat and losses upward potential, while indicators aim slightly higher after correcting overbought readings", said Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart the overall bullish trend prevails albeit some downward corrective movement towards 0.9330 support can't be ruled out".
The AUD/USD spiked to a fresh 4-month high of 0.9386 in the wake of solid Australian confidence and housing data, but lacked follow-through and was confined to a range, contained by the 0.9350 zone on the downside. Currently, the AUD/USD is trading at the 0.9365 area, virtually unchanged Wednesday.
AUD/USD technical perspective
"The AUD/USD hourly chart shows price consolidating above its 20 SMA that turns flat and losses upward potential, while indicators aim slightly higher after correcting overbought readings", said Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart the overall bullish trend prevails albeit some downward corrective movement towards 0.9330 support can't be ruled out".