The Aussie has been on a bull rally since late December 2009 till now and coming nearer to 2009 year resistance level at 0. 9404. Recent resistance may be largely due to a reaction at 0.9323 which occurred also in end November and early December.
The current bearish move could be another consolidation for another bull run or a possible follow thru after a Rounding Top formation.
On the other hand, the bulls has never give up on Aussie. In fact, since pre-Christmas, they pushed from a low of 0.8733 to the recent high of 0.9323, amounting to 590pips or 6.8% in less than a month! And the past retracements had formed continuation patterns such as bull flag or pennant to pursue a Higher High.
Who shall overcome and emerge victoriously? We’ll shall see… in the coming days.
