Forex: AUD/USD breaks to fresh 5-day highs above 1.0350

AUD/USD was recently at 1.0340, off fresh 5-day highs at 1.0352, stalling from the rally the pair had enjoyed since early London when printed fresh 3-month lows at Fibo area 1.0225, where yesterday JPM was calling for longs. The pair has been helped on better than expected Aus Westpac consumer confidence, showing a 7.7% increase from a previous of +0.6%, best result in last 12 months.

Suddenly Aussie is back to previous mentioned highs, last at fresh new highs 1.0354 and rising, where FXWW founder Sean Lee reported: “Some weak trailing stops are being targeted above 1.0335 and there are more above 1.0350,” the analyst said, adding: “but hedge funds are waiting with their offers above 1.0385/1.0400 so I would prefer to stay in sell-rally mode,” he concluded.

Immediate resistance to the upside for AUD/USD shows at recent fresh 5-day highs/Feb 01 lows 1.0361, followed by Jan 28 lows at 1.0385, and Feb 05 highs at 1.0415. To the downside, closest support lies at Feb 08 highs 1.0346, followed by Feb 06 lows at 1.0295, and Feb 08 lows at 1.0250.