AUD/USD analysis (July 06, 2011)

The pair is evolving in a trading range between 1,0450 and 1,0790. The upper bound of the range has offered a great resistance lately and we might see a continuation of the move towards the daily 20 moving average around 1,06.


AUD/USD: daily chart

A break above 1,0790 though would confirm a bullish momentum. In this event, we would expect a test of all time high at 1,10.

Inversely a break below 1,06 would expose 1,0450.