Forex: AUD/USD up from 4-week low to find resistance at 0.9047 daily high

By IBTimes Staff Reporter | January 28 2010 5:58 AM

FXstreet.com (Barcelona) - The AUD/USD is currently falling towards the 0.9005 area after having found resistance at a daily high of 0.9407

Sponsorship Link

The Aussie has gained almost 140 pips on the US dollar over the course of today's Asian and early European sessions to recover from yesterday's four-week low at 0.8909 and edge above yesterday's high, setting the daily max at 0.9047

Rajoo C, analyst of Precise Trader, urges caution with the bears as the bulls [will] be in control soon during a choppy session.

The Hourly Trend has been in a Range Trading and expect a Choppy session until the break, 9000-45 are the critical levels to watch to maintain the bearish outlook, he says. On the 5 min is along the gradual Down Channel and the price patterns are suggesting it may bottom soon, a Cautious approach is needed for the Bears. The Opening price principle suggests no clear direction but expect the Bulls to be in Control soon.

.