AUD/USD: Failure to break 0.6530 brings the bears back

Fri, Feb 20 2009, 07:43 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Aussie rallied yesterday from support at 0.6340 to attempt to break resistance into 0.6530 area, but the level did not give, and increasing selling pressure took the pair back to the 0.6530 support zone.

According to the E-Forex technical team the AUD/USD could return to aim key barrier at 0.6250: “Resistance into the .6530 zone could not be cleared out on yesterday and the bearish objectives are back on focus, first support being seen at .6330. A break lower will probably extend losses towards .6250 which is a key barrier.”

On the Upside the E-Forex technical team points out to the following levels: “Resistance emerges at .6450 followed by .6530 and .6590. Momentum is bearish on both hourly and daily charts.”

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