AUD/USD analysis (July 14, 2011)

The pair continues to evolve in its daily range delimited by the bollinger bands, between 1,08 or 1,04.
Despite the impressive rally we saw yesterday, the Aussie Dollar remains well capped by the 1,08 resistance. Failure to break through it might result in a new reversal with a next target at 1,0650 (20 moving average) before an extension towards the bottom of the range near 1,0450.
Inversely, a clear break above 1,08 would expose the all time high at 1,10.