Hello Price Action Traders.
AUD/USD has tested level 0.94100 for the third time in the last two months. After the massive reversal occurred in the beginning of the year, the “Aussie” is moving above the 200 SMA and the bullish trendline hasn’t been broken yet. Everything’s telling us the Australian dollar may continue to push upwards. However, the 0.94100 level is the key that will confirm our analysis. A convincing break through the resistance could make the Aussie run until the end of 2013 highs. On the other hand, if the resistance holds we would expect a return to May lows.
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Luigi, professional trader member of Hereforex.com