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AUD/USD: Bulls are targeting 0.95

The AUD/USD had a strong showing on Tuesday, with the pair closing at the dizzy highs at 0.931 after worries about a Western military intervention in Syria eased down. At 0.928 at the time of writing, it looks like profit taking is pushing the market lower this morning. From a technical point of view, we are at a crucial level as the market has just completed a double bottom formation on the daily chart. Today’s candle will be important to look at. If the bulls manage to break above the 0.93 area, we could see the market shoot up to 0.95, as there seems to be no resistance in between. In the alternative scenario, we would have to see a consistent break below 0.911 in order to reconsider out outlook, but this is hard to imagine at the moment.

Dafni Serdari
Market Analyst
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