|By Marketwired .||
|December 18, 2012 06:42 AM EST||
LONDON -- (Marketwire) -- 12/18/12 -- City Index UK -- AUD/USD (daily chart) as of December 17, 2012, has risen to approach key resistance around the 1.0600 price region. This level has served as an important resistance area twice this past year -- the first time in August and the second time a re-test with a clear shooting star candle pattern in mid-September -- but has also served as a pivotal support/resistance level prior to 2012.
The third bullish approach of the 1.0600 level has just occurred during a strong short-term uptrend extending back to the October 1.0150 area support re-test, but extends even further back to the June 0.9581 low. With short-term and longer-term trends both bullish, the 1.0600 level can be considered a key level to watch.
See the chart here: Australian Dollar vs US Dollar Rises to Approach Key Resistance
In the event that price is able to break out strongly above this level, important potential resistance levels to the upside reside around 1.0750 and then 1.0850. If AUD/USD is unable to breach the key 1.0600 level significantly in the near-term, price could continue the range trading between 1.0150 and 1.0600 that has characterized the pair for the past five months.
About City Index:
City Index is one of the world leaders in spread betting and CFD trading. Established in the UK in 1983 we have grown to become leading providers of contracts for difference, FX and spread betting over the past 29 years.
Foreign exchange, commonly known as 'Forex' or 'FX', is the exchange of one currency for another at an agreed exchange price on the over-the-counter (OTC) market.
Forex trading enables you to speculate and potentially profit from the future direction of currencies by buying or selling the exchange rate of one currency against another.
The common goal of forex traders is to profit from these changes in the value of one currency against another by actively speculating on which way forex prices are likely to turn in the future.
Your losses are magnified in exactly the same way as your gains if the market moves against you and can result in losses exceeding your initial outlay. Please ensure you fully understand the risks involved.
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