Forex: AUD/USD: Aussie broke above 0.8430 resistance

By IBTimes Staff Reporter | August 28 2009 4:25 AM

FXstreet.com (Barcelona) - Australian Dollar bounced strongly at 0.8240 low, and the pair has rallied more than 250 pips to break above key resistance level at 0.8430, reaching a fresh 2-week high and eyeing 0.8477 area , Aug 14 high.

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According to the Kshitij Consultancy Service Team, resistance at 0.8450/70 is a crucial area to watch: 0.8450-70 will be a very crucial Resistance region to watch for. If Aussie keeps up its current upside momentum, a strong break above this Resistance region 0.8450-70 might see a rise towards 0.8600 in the coming days/week.

On the downside, the Kshitij Consultancy Service Team sees 0.8400-8380 as initial target. As the pair is looking strong on its upmove, any sharp downmove is not looking likely now. However if the Resistance region 0.8450-70 holds, we might see Aussie moving down towards 0.8400-8380 in the US session.

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