Technicals | Jan 14 2013
It's make or break time for the Aussie dollar, reports the TechWizard.
The currency has enjoyed firm support on the back of a global rally in risk assets, but this week FX traders will have to make a tough decision: can/will AUD/USD rally past technical resistance at 1.0600, or will we see a pull back to 1.03-1.02 ?
The Wizard observes AUD/USD has tried a few times to rally past 1.06. The last attempt was last week and it failed.
A break above 1.06 would in particular mark a strong signal if it was achieved on a weekly closing basis, reports the Wizard. His attention is focused for a potential rally towards 1.08.
But first there's an obstacle to overcome.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
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