April 23, 2013 – AUD/USD (daily chart) has once again made its way towards its 1.0150 support target, which is the lower border of the 1.0150-1.0600 trading range that has been in place for the past nine months. Currently entrenched in an intra-range bearish trend around the 1.0250 area, price has fallen swiftly from the high near 1.0600 resistance, re-tested less than two weeks ago. The ranging price action displayed on AUD/USD has been highly consistent and sustained.
Currently, the clear downside objective resides around the 1.0150 range low. In the event of a breakdown below that level, price could move towards parity (1.0000), a level not seen since June of 2012. Key upside resistance within the current intra-range downtrend resides around the 1.0350 price region.
James Chen, CMT
Chief Technical Strategist
City Index Group
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