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Forex4you Technical Analysis 11 April 2011

Discussion in 'Technical Analysis' started by forex4you, Apr 11, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    AUD/USD: technical analysis
    Whilst the long rally on AUD/USD looks overextended, and Elliot wave counts and point and figure counts are indicating the trend may be close to reaching a conclusion, there is no evidence from price itself that that this is the case, so the bullish trend remains intact. Short term, there is a target on the 3 x 0.0005 chart at 1.0550 and the upper channel of the recent move up at 1.0560, so it is possible that this level may provide the next target higher.


    USD/JPY: technical analysis
    Resistance 85.55/50 level turned out to be stronger than expected - the price failed to pass this barrier and it's currently pulling back downwards, now residing at 84.60/70. Indicators are not so "bullish" anymore, which gives enough reasons to consider further decline. The previous sideways movement, observed after the price tested 84.55 level, may extend its range to 84.00/83.90 support level. However, the up trend is still dominating in the market, and growth to the new local maximums should proceed anytime soon. The up trend channel (red) line breakout doesn't seem to indicate a possible reversal. However, decline below 83.00/10 level will give reasons to expect the "bears" to come into play.


    Forex broker | Forex
    Analysis by: Joaquin Monfort
    Forex4you analyst

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