It was a long time coming, as it often is in this pair, but we finally got the break of the 0.9445/60 area and all the pent up pressure was released as it exploded to 0.9500.
And relieving of some pressure is exactly what it looks like as the move ran out of steam and we find ourselves hovering above that old resistance level
AUD/USD weekly chart 02 07 2014
We’re at a very important juncture at this level. If it fails then there’s a high chance that this was just a fake out and that could be bad news for rally.
Despite being long I’ve been worried for a while about the length of time it had taken before cracking this area. I’m still wary now that we’re back here again.
Should we hold and regain the highs through 0.9500 then there’s a good case for seeing the big 0.97 level in the not too distant future. That’s going to be the next level I look at for taking some further profits but there’s a lot of work to be done yet.
