The AUDUSD has moved substantially higher on the back of the Bullish Engulfing Bar setup we discussed in this blog live yesterday. To read that post please go HERE. Price has now erased 6 days of losses in this pair in the last two sessions. This highlights just how big the move higher has been in the last two sessions.
The next resistance for this pair comes in around 1.0420. This could see price sell off slightly before possibly moving higher. If price does continue it’s move higher the recent highs around 1.0600 could be tested in the short to medium term.
AUDUSD DAILY CHART – 8 SEP 2012
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