AUDUSD Lots of Resistance Above

The AUDUSD managed to push higher in European trading Tuesday after the RBA lowered interest rated by 25 bps.  After the announcement the reserve chairman suggested that the bank may take a wait and see approach, and hold on further rate cuts as they wait for the added liquidity to sink into the economy. 

The pair is now once again in the consolidation zone from last week between 1.0485 and 1.0435.  Resistance is staked above with daily support at 1.0485 and past trend line support at 1.0480.  A break of the 1.480/85 zone runs into resistance once again at 1.0520.  Plus, just above this level rest the descending trend line at 1.0530 that has contained the price action for over a year.  The path of least resistance is not to the topside. 

Sup   1.0435

Res   1.0480/85              1.0520                  1.0530

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