Bad number or not so bad number, the aussie doesn’t care and is running away with it.
We’ve been up to 0.8999 and have been left wanting at the big number.
AUD/USD daily chart 07 02 2014
There’s monthly resistance at 0.9004 and we’ve been through the last of the weekly at 0.8973. It’s a pretty big leap from there to the next possible resistance at the 13 Jan highs of 0.9084.
It’s looking more and more likely that we’ve seen a bottom in place at the moment and a false break out of the October 2011 support line.
AUD/USD daily chart 07 02 2014
We’ve also got a chance of closing out above the 55 dma and will be the first time we’ve held above since November last year.
As we know with the aussie it can suck you right in to a move then spit you out just as quickly. I’ll want to see 0.90 taken strongly or I fear we’ll be falling back down towards 0.88 again.
