Australian Dollar vs US Dollar Pulls Back from Key Resistance

<p>AUD/USD (daily chart) as of January 15, 2013 has retreated slightly from strong resistance around the 1.0600 price region, a key level that has been […]</p>

AUD/USD (daily chart) as of January 15, 2013 has retreated slightly from strong resistance around the 1.0600 price region, a key level that has been tested several times within the past five months and which was re-tested again just late last week. This latest attempt and failure to break 1.0600 highlights its continued strength as a major resistance level. With the bullish trend still intact both on a longer-term and shorter-term basis, despite the bearish correction that occurred towards the end of 2012, a breakout above 1.0600 could be considered a key event to watch for. In the event of this breakout, which would confirm a bullish trend continuation, price could follow-through towards further potential resistance around the key 1.0750 price region.

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