Forex: AUD/USD recovery extends to 0.8860 high

By IBTimes Staff Reporter | December 24 2009 6:42 AM

FXstreet.com (Barcelona) - Australian Dollar recovery from yesterday's low at 0.8735 has extended during European session, as the pair broke past 0.8835 resistance to a session high at 0.8860; 0.66% above its day-opening price action.

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At the moment, the pair trades at 0.8850, with next resistance levels a 0.8860/70 (session high/intra-day high), and above here, 0.8910 (Dec 18 high) and 0.8935 (Dec 21 high). On the downside, support levels lie at 0.8815, andf below here, session low at 0.8780 and 0.8735 (Dec 23 low).

Since Aussie, as well as Kiwi, are soaring on thin markets, the FXMarketAlerts Team warns about the consequences of a sudden change on sentiment: it does appear that a still unarguably long AUD market has no great worries of further downside. NZD is tagging along, but this could still get very ugly on any change of sentiment in the thin markets into year end. Tokyo margin traders remain long of both, and Japan is open tomorrow ...

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