Technical Analysis: AUD/USD 2012.03.27

March 27, 2012 11:49

The pair broke above the 1.0500 level and in a short-term could reach the 50-Day SMA by 1.0620. A daily close above this level would confirm the uptrend ahead of the 1.0850 resistance. The nearest support is eyed by the 1.0370-1.0400 area, right where the 100-Day SMA and the 200-Day SMA reside. Only a consolidation below this area would confirm the bearish bias and accelerate declines ahead of parity.

Edward Smith, technical analyst of company Admiral Markets.

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