AUD/USD – Resistance at 0.88 Standing Tall
The last month has not been an enjoyable time for the Australian dollar as it endured a strong decline moving from close to 0.94 down to below 0.8650 and an eight month low in the process. For the last week or so it has taken a breather above 0.87 by rallying back to 0.8750 and more recently steadying around 0.8800 however it is now meeting significant resistance at the 0.88 level. A few weeks ago the Australian dollar found some much needed support at 0.8950 and rallied back up to just shy of the key 0.90 level before resuming its decline. The long term key level at 0.90 was called upon to desperately provide some much needed support to the Australian dollar, which it did a little a few weeks ago, however it has more recently provided resistance. Several weeks ago the Australian dollar showed some positive signs as it surged higher again bouncing off support below 0.93 and reaching a new four week high around 0.94 however that all now seems a distant memory.
Would anyone suggest to me what would be the best strategy? Thank you.
