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While speculating on the AUD resistance at 0.9500, ForexCult noted that "the more often a resistance tested, the likelier it is to break down." We mentioned that it would be for the best going long-term on another retrace above 0.9287 that was marked by the 61.8% of the 02/28-03/20 decline. This support was made even higher by the upward-sloping trend line that has held since August of last year, making a very bullish reversal here, now you can clearly see a bullish run to take out resistance at 0.95.
09:01
Posted on May-20-2008
