The Aussie has recovered once more to be positioned strongly for a test of the key resistance that starts coming in at $0.8030. This has been a key ceiling on the Aussie since late January and remains the big resistance that is preventing a significant upside breakout for the Aussie. There has previously been an intraday break of the resistance but this failed at $0.8075 and there has never been the closing breakout which is needed on a move of such importance. This time around the momentum indicators are quite mixed in their outlook. The RSI is now consistently finding lows above 50, whilst the MACD lines are also positive. However, the Stochastics are a touch subdued which leaves me a little concerned.
There has already been one failed attempt I Asian trading hours which has fallen over at $0.8010 today. It is also concerning that the hourly momentum indicators are all suggesting that the Aussie has turned into a more corrective mode near term. A move back below the intraday support at $0.7947 from yesterday would signal another failed attempt. A failure of the support band $0.7860/$0.7880 would see the bulls lose control within the range once more - Hantec Markets experts said (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
