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AUD/USD Bulls Reign on Rate Hike

AUD/USD (a 4-hour chart of which is shown) as of Tuesday (11/02/2010) has shot up to continue its entrenched uptrend on the heels of an unexpected interest rate hike by the Reserve Bank of Australia. This bullish move reached all the way back above parity (1.0000), which was last touched in mid-October, before stalling. The high that was just reached today represents a fresh 28-year high. For more AUD/USD forex technical analysis, please click here.

James Chen, CTA, CMT