Tuesday, July 26, 2011

AUD/USD Nearing Resistance - 26 July 2011

The aussie has continued rallying higher, breaking out of its range in the 1.08s and pushing up to 1.0950 in the overnight session. It is now close to substantial resistance from the R1 monthly pivot at 1.0975. 

It will probably consolidate at that level but if it breaks through it then the old highs at 1.1011 should provide further barrier to progress.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst