Remember the summer of 2008 when oil went to $150 and the ECB was hiking rates despite signs that the sub-prime market mortgage meltdown? AUD/USD is at its highest level at the moment since that time after clearing huge resistance in the 0.9390/0.9410 area. We’ve reached 0.9430 on stop-loss and momentum-driven buying. Look for bids on dips to the 0.9390 area now.
A wise man once cautioned not to mindless sell against heavy resistance…now who was that?
