AUD/USD Tests its March High with Bullish Momentum

by Admin

Awards 2013

AUD/USD 4H chart 4/3/2013 8:35AM EDT

AUDUSD

Bullish momentum: The 4H AUD/USD chart shows a market that is bullish. Although it slowed down, as shown with a break below a rising trendline, the AUD/USD held above a less steep trendline. The moving averages in this time-frame are back in bullish alignment. The 4H RSI reading held above 40 and is now back above 60, about to tag 70. This reflects development of bullish momentum.

Levels: There might be some near-term resistance around 1.0495-1.05 area. But if it can hold above a near-term support pivot around 1.0440 the bias remains bullish. Below 1.0440 puts focus back on the 1.0385 support pivot.

A break above 1.05 opens up key resistance in the 1.06-1.0620 area, which has provided strong supply since mid-2012.