The 0.9320/30 area is still providing good resistance and we need to break here for a decent push higher. I have mentioned this level in several posts . The 0.9343 high from the 26 June is the ultimate target but stops through the 20/30 level should clean that out.
AUD/USD daily chart 11 09 2013
There’s no point having a plan if you don’t stick to it, so I’ve been selling around 0.9310/15 for 20/30 pip gains. I’ve just now also taken profit on my long from 0.9239 and gone short in case the resistance overwhelms again and we go back down. It’s not a big position and I’ll stop reverse at 0.9335. If we close the day below the level then I think we’ll see the pair move lower.
There’s little on the calendar today so inspiration for moves will have to come from elsewhere.
AUD/JPY is in a slightly different position as it’s managed to hold above the 100 dma which will lend support to the pair. This will also give some support to AUD/USD. If it falls back below then we could see that push lower also.
It’s all in the balance folks and when we find ourselves at points like this we have to pay attention carefully to the price action and be ready to move in an instant either way.