FXstreet.com (Barcelona) - The Australian Dollar has rallied from 0.6990 low on April 28th to reach maximum levels at 0.7425 on Tuesday's Asian session, approaching resistance level at 0.7475.
According to the E-Forex Team, 0.7475 is an important long-term resistance level: The Aussie dollar trades comfortably around the .7400 mark today and is approaching the longer term resistance at .7475/00 - 38.2% retracement of the large decline from .9845 to .6005.
The AUD shows a bullish trend in hourly and daily charts, according to E-Forex: Both daily and intra-day studies are positive and further upside action is likely. On the downside, support is emerging at .7375 then .7260 and .7200/10.
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