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Forex: AUD/USD teases 1.0700 resistance

By FXstreet.com,  July 19, 2011, 08:53:00 AM EDT

FXstreet.com (Barcelona) - The AUD/USD today has been steadily recovering from yesterday´s low of 1.0560, reaching just underneath the technical resistance in 1.0700 despite being unable to break above so far. The pair currently trades consolidated around 1.0680 ahead of the North American session which should bring some further direction.

The Kshitij Consultancy Services team informs: "Aussie has risen above the 55-DMA (1.0649) and 21-DMA (1.0654) Resistances. A test of 1.0700 looks likley in the coming sessions and a strong break above 1.0700 would take the pair further up towards 1.0780. While 1.0700 holds, we might see a dip to 1.0600 once again."

They add: "Overall the pair is exepected to retain its 1.0500-800 sideways range and we will have to wait for a breakout of this range to get clear idea on the further direction of move."




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

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