AUD/USD Reach High of Daily Range

by on June 30, 2011

The AUD/USD has rallied higher as prices have reached the top of the daily range. The range in commodities prices could break out higher but if there is no momentum higher in commodities, there is little chance of of sustained AUD/USD follow-through through 1.0800.

The near-term high at 1.0773 is still 27 pips shy of the “00″ but with a strong day in crude or gold there could be a rally towards 1.0800. The Stochastics (21, 1, 3) is just now reading an overbought reading so there could be one more push before prices exhaust. Expect that sellers will make a stand somewhere between 1.0773 and 1.0805.

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