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AUD/USD Rises to Retest Key Resistance

AUD/USD (daily chart) as of Wednesday (7/13/2011) has once again approached a retest of key resistance around the 1.0770-1.0790 price region, which has already been tested and respected twice in the month of July. This resistance also represents the 61.8% Fibonacci retracement level of the last major bearish correction extending from the all-time 1.1010 high down to the 1.0440 area low. The current resistance retest occurs within the context of a strong overall uptrend. For more AUD/USD forex technical analysis, please click here.

James Chen, CTA, CMT
Director of Technical Research and Education