AUD/USD - Eases Away From Resistance Level At 0.91

AUD/USD - Eases Away From Resistance Level At 0.91

Towards the end of last week the Australian dollar enjoyed a healthy surge higher from down near 0.89 to hit a three month high just above 0.91 before easing back a little back below that level. For the best part of the last month or so, the Australian dollar has done very little other than continue to trade around the 0.90 level, although last week it did creep a little lower down to a three week low. Earlier last month the Australian dollar enjoyed a strong move higher moving through the previous resistance level at 0.88 and reaching a three week high around 0.8980. For a couple of weeks the Australian dollar continued to make runs at the resistance level of 0.88 only to be rejected again and again and forced lower. During this time the Australian dollar seemed content to remain steady and consolidate just below the key 0.88 level, after its strong fall through most of January.