Technicals | Jul 30 2012
By The TechWizard
A return of global risk appetite to financial assets has seen AUD/USD once again cross the 1.0450 mark, observes the TechWizard — a level not seen since April 12.
The Wizard believes the odds have turned in favour for AUD/USD to reach for higher levels in the weeks ahead. He says the real litmus test will come in the form of a weekly close above that magical 1.0450 level. Were this to be achieved, the Wizard suggest the underlying trend for the Aussie will have unequivocally turned bullish. With no genuine technical resistance to be found until 1.10, the strength of the current move upwards can potentially take both friends and foes by surprise, he suggests.
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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