16 Jul 2012
AUDUSD remains challenged at resistance
Last week, most of the price action for AUDUSD was found on the last 2 days of the week On Thursday, bears brought the pair down to test the low of 1.0099. This descent was however quickly reversed by the bulls the next day as price rose and closed the week at 1.0225.
Moving into this new week, traders can pay close attention to how price reacts to the resistance zone shown on the daily chart below. So long as price remains below the resistance zone, gravity’s law can apply.
Price could take the path of least resistance
Karen Loh
Latest posts by Karen Loh (see all)
- AUDUSD – Superman may need a break - August 13, 2012
- AUDUSD charges; channel provides clues - July 23, 2012
- AUDUSD remains challenged at resistance - July 16, 2012
- AUDUSD – will the rally last? - July 8, 2012
- AUDUSD: Newton’s Law - June 26, 2012
