AUD/USD analysis (July 05 2011)

Despite the recent strong move upward, the AUD/USD is still evolving in a trading range and it is now carving out some kind of top ahead of 1,08 which need to be confirmed though.


AUD/USD: daily chart

Next target is the daily 20 moving average around 1,06. A break below this level would expose the bottom of the range at 1,0450.

Inversely a bullish resumption will be considered with a break above 1,08.