FXstreet.com (Barcelona) - Australian Dollar rally has continued, and, fuelled by RBA rate hike, the Aussie has entered levels above 0.8900, reaching a fresh 13.month high at 0.8925.
The long-term upward trend line has been broken which, according to Liviu Flessar, technical analyst at Inner FX provides a confirmation of current uptrend: The long-term upward trend line (mentioned on my last medium term analysis in September 09) into the .8700 zone has been broken, providing a key confirmation of current uptrend. The .9000 psychological level is the next upside objective and we may get there soon if short-term support into the .8780/00 region will hold on potential pullbacks.
Resistance levels, according to Flessar, lie at 0.8920/50, 0.9000 and 0.9050. On the downside, support levels are 0.8820/40, 0.8780/00 and 0.8700