Daily Analisis on the AUD/USD

The Aussie has been on an upward trend since the beginning of June (2010). However, a retracement could occur if it encounters difficulties closing above major resistance level of 0.9405. Assuming it bounces back down off of this level, a retracement back to 0.9230 possibly near 0.9100 is expected within the next coming weeks considering the pair does not close above major psychological resistance level around 0.9400.