AUD/USD: Last Wednesday’s aggressive rally has called into question the validity of our bearish outlook, with the market racing higher to take out some key short-term resistance by 0.9080 and close back above 0.9100. Still, gains have stalled out just ahead 0.9200 and this does keep bearish bias slightly alive for now. the interim, the key levels to watch above and below come in by 0.9200 and 0.9055 respectively and we will look for a break on either side for clearer directional bias.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail jskruger@fxcm.com and you will be added to the "distribution" list.
If you wish to discuss this topic or any other feel free to visit our Forum page
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.
