AUD-USD Prediction june 11 2012

forex trading outlook today - AUD-USD Prediction june 11 2012 : After opening the week with a massive higher at 0.9984 from 0.9918 late Friday, the upside pressure in AUD/USD persists in early Asia and has pushed the pair above parity to reach as high as 1.0006, a price not seen since May 15.

At the time of writing, AUD/USD remains well bid and hovers around the 1.0000 handle, recording a 0.8% gain so far on the day. Volatility may be thin in the pair today as markets are closed down under in celebration of the Queen's birthday.

If the rally persists in the hours ahead, immediate resistance lies at 1.0020 (9 May low), then at 1.0087 (8 May low). To the downside, a cluster of support lies at 0.9963, then below at 0.9934 (22 May high).

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