It might be a holiday in the UK and US but that's not stopping the FX market all too much. The dollar is mostly down alongside the yen as risk flows are looking for a rebound.
While the dollar is also marked down against the likes of the euro and pound, AUD/USD is one chart to keep an eye out for.
That is putting price at its highest since November last year with some minor resistance seen closer around 0.6550. However, the break above 0.6500 itself is a crucial one especially if held into the daily and weekly close in particular. The latter is of major interest with the 100-week moving average also lurking at 0.6513 currently. So, that's a key level for buyers to sustain further upside potential going into June.
The only concern is month-end flows as we look to the days ahead. I'm not finding any notes yet on what suggestions there are going into this month-end though. But even so, I'd be wary as there's still a lot of portfolio shifts taking place with a lack of confidence in the dollar being rather prevalent at the moment.
This article was written by Justin Low at www.forexlive.com. Read More Details
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