Aussie moving from Down Under to Over the Top?
Since breaking its rising daily trend line back on July 7th, the AUD/USD got to a low in the .7700 area before staging a monster 500 pip comeback right back over the top of that very same daily trend line. With continued dollar weakness look for the AUD/USD to break above its June highs in the .8263 area. The next area of resistance comes in at the September 22nd 2008 high of .8518. Daily Stochastics are in the overbought area, however, oscillators can remain overbought for prolonged periods of time as price makes new higher highs.