Tuesday, February 1, 2011

AUD/USD | Technical Analysis | 1 February 2011

AUD/USD | Technical Analysis | 1 February 2011

This pair has rallied to the upper limits of the range it has been in since the 12th January, at 1.0075. At its current levels it is now also backing into major resistance from the important trendline up from the June ’10 lows.

There is a good chance therefore that the exchange rate may pullback from here, reaching back down to perhaps the level of parity where there is a great deal of support including the monthly pivot. Obviously a break above the current highs might constitute a breakout from the range and lead to a rally to new highs in the 1.03s.

by Joaquin Monfort, Analytical expert , Forex4You © 2011

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