Aussie Dollar Continuing To Grind Higher

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Aussie Dollar Continuing To Grind Higher

By Greg Michalowski on July 2, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

After an awful final reading for the backdated May Trade Balance (-556M vs -125m,) the initial dip of the AUD was unsustainable and the currency quickly rebounded against the USD and JPY to levels they were trading at prior to the release. Looking at the AUD/JPY trendline we’ve been examining, we see the pair continues to grind higher after every pull back and continues to hold the trendline support. We will look for some resistance at the 50% retracement from the all time highs, while the trendline continues to provide support.

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