FXstreet.com (San Francisco) - After rejecting the 1.0120/30 zone in the Asian session and falling to intra-day low at 1.0055, the AUD/USD has found support at this level and has begun to rise toward 1.0100 level again but after a first attempt to break it out, the par was unable and it is trading at 1.0085.
Pair is 0.30% below today's opening price action with FXstreet.com Trend index pointing "Slightly Bullish" and "Extremely Oversold" in the OB/OS Index. AUD/USD is just below 1.0100 level that also is the MA 200 hours.
"Market appears to have a bullish bias in AUDUSD 4-Hour charts," comments Mark De La Paz from FX Instructor. "We also have a Bearish Engulfing and is well resisted by 1.012."
"With a medium level bearish reversal pattern consider shorts from just under 1.012 the immediate target a strong support, 1.006, the Pivot Point break of which opens 1.002 for a full trend reversal," continues De la Paz. "Stop losses should be placed above 1.012."
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Pair is 0.30% below today's opening price action with FXstreet.com Trend index pointing "Slightly Bullish" and "Extremely Oversold" in the OB/OS Index. AUD/USD is just below 1.0100 level that also is the MA 200 hours.
"Market appears to have a bullish bias in AUDUSD 4-Hour charts," comments Mark De La Paz from FX Instructor. "We also have a Bearish Engulfing and is well resisted by 1.012."
"With a medium level bearish reversal pattern consider shorts from just under 1.012 the immediate target a strong support, 1.006, the Pivot Point break of which opens 1.002 for a full trend reversal," continues De la Paz. "Stop losses should be placed above 1.012."
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