After recently breaking out above the key 0.97 level and reaching a two week high the AUD/USD has since reversed and moved through the bottom of the recent trading range and to a new 18 month low below 0.9500. For the last couple of weeks the Australian dollar established and traded within a range between two key levels at 0.9550 and 0.97, which was able to halt the strong decline it experienced through May. A few weeks ago the 0.97 level provided some support and in recent weeks has provided stiff resistance to any rally efforts, which is why it was significant that the AUD/USD broke through that level, despite its ... (full story)