- Overnight rebound in crude supported commodity currencies such as the Australian dollar on Wednesday.
- AUD/USD slipped to 0.7271 after rising to 0.7303 overnight, its highest since Dec. 10.
- Techs show scope for further gains. RSI is at 56, points north with further room to run, 5&10-DMA have shown a bullish crossover.
- Downside in the pair was capped by 5-DMA at 0.7267, which is strong support on the downside.
- On the flipside resistance is seen at 0.7303 (Dec 29 high and day’s high till now), breaks above can see the pair at 0.7330.
The material has been provided by InstaForex Company – www.instaforex.com