April 23, 2013 – AUD/USD (daily chart) has once again made its way towards its 1.0150 support target, which is the lower border of the 1.0150-1.0600 trading range that has been in place for the past nine months. Currently entrenched in an intra-range bearish trend around the 1.0250 area, price has fallen swiftly from the high near 1.0600 resistance, re-tested less than two weeks ago. The ranging price action displayed on AUD/USD has been highly consistent and sustained.
Currently, the clear downside objective resides around the 1.0150 range low. In the event of a breakdown below that level, price could move towards parity (1.0000), a level not seen since June of 2012. Key upside resistance within the current intra-range downtrend resides around the 1.0350 price region.
James Chen, CMT
Chief Technical Strategist
City Index Group
Forex trading involves a substantial risk of loss and is not suitable for all investors. This information is being provided only for general market commentary and does not constitute investment trading advice. These materials are not intended as an offer or solicitation with respect to the purchase or sale of any financial instrument and should not be used as the basis for any investment decision.
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