AUD/USD Surges Higher, Targets Next Long Term Resistance Level

The AUDUSD surge higher today has surpassed the 2009 high price at 0.8262 and now targets the 61.8% retracement of the move down from the July 2008 high of 0.9848 to the low in October at the 0.6006.  This level comes in at 0.8380 level.

On the downside, the pair should find support at the area between 0.8255 and the old high at the 0.8262 level.  The 0.8255 level is the 38.2% of the days range so far (high of 0.8290 low of 0.8199).  The move higher was spurned on by favorable economic comments from RBA Stevens and by a stronger NAB Business Confidence index for the quarter.

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