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1 May 2013
Forex: AUD/USD near highs after China PMI
FXstreet.com (Barcelona) - The AUD/USD was barely moved following the Chinese manufacturing number, which came in line with expectations. Most speculators remain sidelined ahead of Wednesday's Fed monetary policy meeting.
AUD/USD found a temporary wall on the upside around 1.0283/85 in the last US session, although price remains stubbornly close from highs at the moment, following the largest daily rise since April 16 on Tuesday.
According to Valeria Bednarik, chief analyst at FXstreet.com: "The AUD/USD continues its slow but steady advance, having been as high as 1.0383 this Tuesday. Although further technical confirmation with a break above 1.0410 is required, the upside is now favored, as buyers had now aligned in the 1.0300/30 price zone. The hourly chart shows price above 20 SMA while indicators bounce from their midlines supporting the positive bias, while the 4 hours chart shows also a positive tone."
AUD/USD found a temporary wall on the upside around 1.0283/85 in the last US session, although price remains stubbornly close from highs at the moment, following the largest daily rise since April 16 on Tuesday.
According to Valeria Bednarik, chief analyst at FXstreet.com: "The AUD/USD continues its slow but steady advance, having been as high as 1.0383 this Tuesday. Although further technical confirmation with a break above 1.0410 is required, the upside is now favored, as buyers had now aligned in the 1.0300/30 price zone. The hourly chart shows price above 20 SMA while indicators bounce from their midlines supporting the positive bias, while the 4 hours chart shows also a positive tone."