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AUD/USD Failed To Break Above 0.9344 Key Resistance

Published 07/11/2013, 10:00 PM
Updated 07/09/2023, 06:31 AM

On Friday, July 12, the AUD/USD failed to break above 0.9344 key resistance, and remained in a trading range between 0.9037 and 0.9344. As long as 0.9344 resistance held, the price action in the range could be treated as consolidation of the downtrend from 1.0582 (April 11 high), and another fall towards 0.8500 could be expected after consolidation. On the upside, a break above 0.9344 resistance would have indicated that the downtrend had completed at 0.9037, so the following upward movement could bring price to the 0.9800 zone.

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