AUDUSD: A new leg higher is likely underway

Tuesday, October 15, 20130 comments


AUD/USD has broken to the upside out of its horizontal range between 0.9388 and 0.9485. Further short-term strength towards the resistance at 0.9666 is likely. Monitor the resistance at 0.9529. An initial support is at 0.9478 (intraday low).

In the medium-term, the break above the strong resistance at 0.9345 (26 June 2013 high) confirms an improving medium-term technical structure. However, the long-term technical pattern remains negative thus far. Therefore, we expect the strong resistance at 0.9843 (21 May 2013 high, see also the 200 day moving average) to cap the medium-term upside potential.
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