The rally from 93.86 has been stronger than first expected. That said AUD/USD is facing strong overhead resistance near 103.80. The powerful rally from 93.86 has pushed AUD into strongly overbought territory, which I expect will hold for a break below 102.26 and more importantly 100.98, which will confirm, that a top is in place for a decline to at least the 98.60 area. Longer term we need a break below the bottom at 93.86 to really turn us hard down. Sunday, October 16, 2011
AUD/USD - Facing strong overhead resistance
The rally from 93.86 has been stronger than first expected. That said AUD/USD is facing strong overhead resistance near 103.80. The powerful rally from 93.86 has pushed AUD into strongly overbought territory, which I expect will hold for a break below 102.26 and more importantly 100.98, which will confirm, that a top is in place for a decline to at least the 98.60 area. Longer term we need a break below the bottom at 93.86 to really turn us hard down. 
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