AUD/USD encountered short term resistance on the psychological 0.70 level, but with the help of Philip Lowe, RBA assistant governor, it now trades above this level, looking up to major resistance. AUD/USD, one of my favorite currency pairs, began the forex trading week with a weekend gap of about 60 pips. During the Asian and European trading sessions of Monday, the Aussie flirted with the 0.70 line. The 0.70 line isn’t a technical resistance line, but rather pshcological. This round number made a hard time for the Aussie. It touched it, but didn’t break. It was only when Philip Lowe, RBA assistant governor began talking, the AUD/USD broke this line. He stated that “the reforms of ATM fees, which came into affect on March 3, have increased competition and benefited consumers.” Although this isn’t a forex oriented comment, the Aussie began moving, broke the 0.70 line and almost reached 0.71. It has retracted since then, but never went under 0.70. AUD/USD stands at 0.7043. So, after the Aussie reached the initial target of 0.68, it took a rest. After it consolidated, the new week provides new momentum. All in all, since the AUD/USD broke upwards, the trend continues very nicely. The next resistance line is major – 0.7265. The Aussie touched this point in two consecutive days at the beginning of January and fell back. This was a major retraction after the pair fell dramatically on one day in October.It then fell from 0.76 to the lows of 0.70 in one day, before retracting and continuing the downfall. I doubt that this major resistance will be broken this week, but with the wild market conditions, and the nature of forex trading, anything can happen. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next Forex Daily Outlook – March 25th 2009 Yohay Elam 14 years AUD/USD encountered short term resistance on the psychological 0.70 level, but with the help of Philip Lowe, RBA assistant governor, it now trades above this level, looking up to major resistance. AUD/USD, one of my favorite currency pairs, began the forex trading week with a weekend gap of about 60 pips. During the Asian and European trading sessions of Monday, the Aussie flirted with the 0.70 line. The 0.70 line isn't a technical resistance line, but rather pshcological. This round number made a hard time for the Aussie. It touched it, but didn't break. It was only when Philip… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.