AUDUSD testing intraday high for the 3rd time

Written March 1, 2010 at 12:19 PM EST by  

gregmike-00655

Watching the triple top in the AUDUSD at the 0.9007 level.  A break above should lead to a surge higher with 0.9030 area the next target. The high from last week at 0.9070 becomes another target within site.

On the downside, the price bounced off the 50% of the consolidative range at the 0.8935 level earlier. This is positive and the price is above the 200 hour MA at the 0.8951 level (green line) which is also a positive development today. 

As a result, if the 0.9007 level holds, look for buyers against a dip to 0.8966.  If the price can base off of that level, a move higher is likely.

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