AUD/USD Near A Strong Resistance Zone

April 11, 2013 in Chart Alert

For over past one year i.e. since March 2012 AUD/USD had been moving below 1.0636. During August 2012 it mad managed a peak of 1.0613 and then during September 1.0624. During past over 7 months these levels have proved to be a strong resistance zone. The recent move to 1.0582 has again taken AUD/USD very close to this resistance zone and for any further gains a break over 1.0624 is must. If such a break takes place then further gains towards 1.0750 to 1.0850 can be expected but a failure below 1.0724 may bring another fall.

AUD/USD weekly chart

AUD/USD near strong resistance zone - weekly chart

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