FX.co ★ AUD/USD Strong resistance 1.0000 - 03/11/2010

Before surprising increase in interest rates in Australia, the Australian – US dollar pair has blunted and revisited the psychological resistance level of 1.0000. This level demonstrated its power only two weeks ago, when the pair stopped the tipping and led down at 0.9650 levels. Still, you can see the strength of this resistance level and the fact that the pair entered the pattern of stagnation and currently it is traded on top.

From here you can take speculative short position until the bottom of the pattern of cessation around 0.9735, but at the same time, we must be careful about the reversal of position, if it breaks the resistance level of 1.0070, that will end the pattern of stagnation and will signal the start of a new upward wave. It is assumed that this movement pushes the pair towards the next significant resistance level around 1.0500 USD.

Resistance 3 = 1.0215

Resistance 2 = 1.0119

Resistance 1 = 1.0057

Pivot Daily = 0.9961

Support 1 = 0.9899

Suppot 2 = 0.9803

Support 3 = 0.9741