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AUD/USD: Upside potential above 1.0395

AUD/USD continues to grind higher after having tested major support at 1.04. The bulls are clearly trying to press higher but it looks like there is significant pushback from the sellers. As markets remain paralyzed by indecision, the bias remains bullish as long as the market remains above 1.0395. From a technical point of view, the bullish RSI on the 30 min chart calls for further upside. At 1.0449 at the time of writing first target for the bulls to watch sits at 1.0475. The upside penetration of that level would expose the 1.052 area. In the alternative scenario, a break below key support at 1.0395 could bring the bears back into play with further downside potential all the way down to 1.0355. Economic data starts to pick up again today with the US Producer Price Index and the US Retails sales due for release in the evening.

Dafni Serdari
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