Forex: AUD/USD falls below 9-month uptrend line, targeting 0.8924/06

By IBTimes Staff Reporter | December 16 2009 6:51 AM

FXstreet.com (Barcelona) - Australian Dollar decline from 0.91745 high on Monday has extended below 0.9000 area on Wednesday, breaking, thus, below the 9-month uptrend line, according to Axel Rudolph, technical analyst at Commerzbank, on its way to 0.8924/06 support.

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After successful move below the 2009 uptrend support line, has opened the path towards 0.8924/06 support, says Rudolph: AUD/USD probed, rebounded and then fell through its 2009 uptrend line last week. The .8924/06 support zone is therefore in view.

On the upside, recovery bullish reactions would be capped below the mentioned 2009 uptrend line, according to Rudolph: The 2009 uptrend line at .9127, last week's .9196high and the November-to-December resistance line at .9268 should all act as resistance.

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