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Forex4you Technical Analysis 14 March 2011

Discussion in 'Technical Analysis' started by forex4you, Mar 14, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    AUD/USD: technical analysis

    Support 0.9980, which followed level 1.0030 hindered the "bearish" trend. The price grew to level 1.0150/60, met a strong resistnace, so it pulled back to 1.0075/90, where it still resides. Indicators have turned up, which says in favor of the previous forecast, that suggested reversal to growth and fixation above 1.0070/80. So, growth is likely to continue, first to level 1.0210, then to 1.0250/60. Decline below 1.0030/20 will cancel the "bullish" scenario.

    GBP/USD: technical analysis

    Concerns that support level 1.5980/90 might hold back a decline turned out to be correct. Having tested level 1.5975, the price pulled back up, tested resistance 1.6100, and it's currently consolidating around this barrier, making attempts to finally breach it. Indicators seem to be turning up, although the readings are not clear yet, so the situation is rather uncertain. Despite a recent fall below level 1.6100, mentioned previously as the key barrier on the way down, reversal to growth is still a possibility. If the price breeches resistance range at 1.6100-1.6150, we'll be expecting growth to the new local maximums at 1.6350/70. Until then, "bearish" trend should be considered dominating.

    Analysis by: Joaquin Monfort
    Forex4you analyst

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