Forex4you Technical Analysis 11 August 2011

[namrata]

AUD/USD: technical analysis

Earlier forecasts, anticipating sideways correction in the pair, confirmed. The price tested level 0.9930/20 and then 1.0400/10 resistance line, which turned out to be strong and pushed the price back downwards. At the moment trading is consolidating within narrow range between 1.0300-1.0100 levels. Indicators are turning up, suggesting a possible reversal in the pair. However, it can also indicate just the range widening to 1.0530/40 resistance level. Growth above 1.0700/80 will give good chances for the uptrend to recommence. Until it happened, the bearish trend should be considered as dominating - 0.9920 breakout with the following fixation below will be a signal to further downtrend with strong 0.9800, 0.9700/0.9680 support levels on the way.



Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.