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Forex: AUD/USD retraces last week's decline, reaches 1.0200 area

By FXstreet.com,  March 24, 2011, 09:47:00 AM EDT

FXstreet.com (Barcelona) - Australian Dollar recovery from 0.9705 low last week extended above 1-0155 resistance area on European session, favoured by higher commodity prices, to reach a fresh 2-week high right below key 1.0200 resistance area.

On the upside, above 1.0200 (Feb 4/28/Mar 1 highs), the pair might find resistance at 1.0255 (Dec 31 high) and then 1.0300. On the downside, support levels lie at 1.0110 (day lows), and below here, 1.65/75 (Mar 23 low) and 1.0035 (Mar 21 low).

Breach of 1.0200/25 resistance area could drive the pair as far ass 1.0300, says the Kshitij Consultancy Services Team: " Resistance in the 1.0210-25 region. In case that Resistance breaks, the upmove could extend up to 1.03-04. However, some profit-taking on old Longs is likely to take place at 1.0210-25."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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