By: Colin Jessup
The AUD/USD appears to have found support at the daily zone of 1.0326 after falling last week from the recent high of 1.07521. The pair has retraced 38.2% from October's low of 0.9387 to the previously mentioned high, and has encountered both support & resistance at this level, in the last few months. If the bulls can keep the momentum going when the UK & USA session gear up, we could see resistance at 1.0482 and 1.0630, which is in fact a weekly S/R zone. If the Bears take back the controls, look for support at 1.0304, 1.0204 and then the weekly S/R zone at 1.0145.
Also interesting is that the 3 major 'cousins' made up of the EUR/USD, GBP/USD & AUD/USD all show similar technical aspects. The Euro is indeed expected to trade higher due to increased risk appetite after rumours that a deal has indeed been struck with Greece to “form a unity government to enact its 130 billion euro emergency funding deal,” reports Reuters. If this should hold true, we could see all 3 pairs reach higher on Monday.
Happy Trading!
