FXstreet.com (Barcelona) - After having rallied during four days, from 0.8550 low on Monday, the Aussie reached a 12-month high at 0.8775 to retreat to 0.8650 low during Friday's European session. At the moment, the Aussie trades at 0.8695.

According to the Varengold Bank Research Team, the Aussie trades now at a cross point between long term bullish trendline and short term bearish line: Many traders closed their long positions and the currency pair rebounded near to its first support at 0.8677. As you can see this support line might cross the new bearish trend-line today and the long-term bullish one. Should the bears pull the AUD/USD under this both lines you may have to allow further declines near to the next support at 0.8557.

On the upside, according to the Varengold Bank Research Team, the Aussie could find resistances at 1.4776 and 1.4811. Support levels are 0.8687 and 0.8647.

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