Forex: AUD/USD changing hands above 0.9200

on Jul 19, 2013
Listen Friday July 19th_: Since our last update, the AUD/USD has reached a new high for the day at 0.9234, subsequently retracing to its current position at 0.9208. The pair rose sharply by 0.60 percent few hours ago, supported by the ascending 200-hour simple moving average.

If the pair continues to rally, the first target would be the 0.9300 level and 0.9340 next. In the opposite direction, the market could be expected to target the 12 July low at 0.8997 and then to continue the downtrend from the 11 April high of 1.0581.
To this point, late in the week, the trading range has been contained within last week’s range (from 0.8997 to 0.9304).

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AUD Forex