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Is the AUD/USD Headed for 90 Cents?
By DailyFX Updates | July 19, 2007
The AUD/USD has rallied for 10 straight days in a row - a continuous stretch of strength that is rarely seen in any major currency pair.
With the exchange rate now at an 18 year high, we have to turn to our 30 year charts to get any point of reference.
The AUD/USD will not be taking out its 19 year high until it reaches 8960. There is no major resistance from now until then, which means that there will be nothing stopping the pair’s move for another 150 pips. At 8960, 90 cents is almost too close to ignore. Only a break back below 8680 will mark an end to the uptrend. In the meantime, there is nothing standing in the way of further gains in the Aussie
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