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AUD/USD: upside break

By ForexJan 11, 2013 12:58PM GMT
AUD/USD: upside break
By   |  Jan 11, 2013 12:58PM GMT

The aussie has broken above long-term support at 1.0520 and pushed all the way up to 1.0597. If it can maintain the break then it could rally higher to 1.0680. It has formed a head and shoulders at the highs today, however, and in the short term could pull-back to the 1.0520 line before rebounding. A break back lower would prove the break false and target the 50-day MA at 1.0440 initially.
AUD/USD: upside break

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AUD/USD: upside break

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