FX.co ★ AUD/USD Around the psychological level of 1.0000

The Australian dollar/U.S. dollar pair managed to cross the strong psychological resistance level of 1.0000, when a couple of days after the break, the pair is back to examine the level, this time from above. Psychological level that served as resistance for a long time, now will serve as a significant level of price support. The mere fact that the pair is back to examine the level represents an attractive opportunity for the purchase, with estimated starting point 1.0500.

On the contrary, we must take into account the possibility of a new retreat and break of the psychological level, which will serve as a trigger to take short position on the pair. In this case, we may see a sharp down to the level of support of the veteran pair trend line, which passes through the price level of U.S. $ 0.9650 per Australian dollar.