AUD/USD Analysis 18 March 2011

AUD/USD Analysis 18 March 2011

For much of this year the Aussie has been hovering around and bouncing off parity producing a very choppy market. Using late Decembers highs with early Januarys lows we can see a triangle pattern has formed on the pair. The market finally broke out of this 2 ½ month triangle to the low side earlier this week, also breaking though parity quite comfortably making new 2011 lows. We?re starting to pull back and would expect resistance to show itself at parity or the lower trend line of the triangle.

Source: AUD/USD Analysis 18 March 2011