AUD/USD came very close to it's long term upper trend support which is currently working as resistance. It broke this support and close below it on Sept 23, 2011. Now it's back again to that resistance level of .9960/70. If it close above it then probably short term down trend is over for this currency pair.
World economy is not out of the woods yet. Euro solved some temporary issues but long term still not clear.
We will watch this level for AUD/USD and short the pair if it fails to close above the level.
Watch:
.9960/70 for resistance.
Weekly chart of AUD/USD posted below.
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