Currency Focus: Looking at the AUD/USD

The AUD/USD is meeting resistance at the 1.00 level, and there some clues suggesting that this level will hold.  It's always a good idea to look at gold for confirmation, and price has rejected the $1372 area a couple of times now which plays in our favour.

The potential is for this pair to fall to the 97 area, possibly even as far as 96.  Buying interest should be strong enough at these levels to bring the pair back up to the 99 level, and could offer some opportunity to long the pair once the targets on the downside are reached.

For my trading idea on this pair with specific entry and exit points, click on the my "Trade Journal" link above.

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