Thursday, August 25, 2011

AUD/USD Near Resistance - August 25, 2011

The aussie dollar is still trading in a tight range. The head & shoulders pattern on the hourly chart broke its neckline but failed to follow-through and now the exchange rate is beginning to rise again. 

It will probably reach as high as the resistance level at the channel on the hourly chart at 1.0500 before possibly reversing and falling back down to 1.0430 lows, although a rise in upside momentum could puch it higher still.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst