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30 Apr 2013
Forex Flash: Short term bullish risks on the rise for AUD/USD - JPMorgan
FXstreet.com (Barcelona) - The short term upside risks for both AUD/USD and NZD/USD have increased but still within the context of the medium term consolidations, notes Niall O'Connor, FX strategist at JPMorgan.
Niall adds: "AUD/USD sees important resistance at 1.0360/1.0400 which includes the 38.2% retrac from the April peak. Above would confirm another shift within the medium term consolidation is likely. However, sustained upside will continue to be a difficult task as the broad range is expected to persist. Still, potential for AUD to shift to an outperformer on the crosses has increased."
Niall adds: "AUD/USD sees important resistance at 1.0360/1.0400 which includes the 38.2% retrac from the April peak. Above would confirm another shift within the medium term consolidation is likely. However, sustained upside will continue to be a difficult task as the broad range is expected to persist. Still, potential for AUD to shift to an outperformer on the crosses has increased."