Forex Trading: AUD/USD Hits Technical Level And Retreats

The AUD/USD pair has appreciated with relative ease from the beginning of the 2009. It has now reached an obvious critical technical level at the 50% retracement from the all time highs last July to the October 2008 lows and has sold off some.

As the data remains relatively positive from Australia and commodity prices continue to appreciate off their recent lows, there is every indication that the pair could continue higher as young commodity exporting countries seem to be on the move.

We will watch the 21 day moving average to provide short-term support with the 38.2% retracement below that if the pair retreats further.

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