AUD/USD - Prices continue to push higher, with last week's break above the critical support-turned-resistance at a rising trend line that had guided the last major uptrend from 2001 to 2008 making the case for sustained bullish momentum. That said, prices have come a long way with no respite and getting on the bandwagon now would not be prudent from a risk/reward perspective. A pull-back (albeit likely a shallow one) may materialize with momentum indicators in overbought territory and showing negative divergence with prices action. We will stand on the sidelines for now.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
