We’ve got a half decent base around 0.8925 which has held for most of the month and provided a decent springboard to the pair but we still remain range bound between there and 0.9085. We’re up again into 0.90 and finding resistance at the 0.9020/25 level. Should we move above here then we are likely to see more around 0.9040/45 and weekly resistance at 0.9058.
AUD/USD h4 chart
As I type we’re pushing up towards 0.9030 and on a daily basis we’re holding above that broken resistance line from November. With the Aussie shrugging off more poor Chinese data the emphasis is still up for the pair.
We need to see those highs go at 0.9085 otherwise we’ll be sliding back down again. Until we get a break of range you’ve got your boundaries with which to play with.