AUDUSD is consolidating above support but has lower highs.
Written March 26, 2009 at 10:11 AM EST by Greg Michalowski
The AUDUSD is a good news/bad news currency pair. The price remains above the 100 hour moving average currently at the 0.6980 level. It remains above the floor support which comes in at the 0.6930 to th 0.6943 area. The bad news is the highs have been lower over the last few days.
The bias remains up for the pair as the price remains above these key support levels. A break of yesterdays high at the 0.7049 would be confirmation to the upside. However, be alert to a move below all the support, which should lead to further corrective moves to the downside.
Categories: Forex Trading | Tags: AUD/USD
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