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Forex4you Technical Analysis 31 May 2011

Discussion in 'Technical Analysis' started by forex4you, May 31, 2011.

  1. forex4you

    forex4you New Member

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    AUD/USD: technical analysis
    The bears came close to 1.0400 target, mentioned in the previous analysis, but failed to reach it. Receiving a good support at 1.0440 level, the price recommenced its growth and not only managed to ascend to the downtrend channel (blue) line, but even rose to higher levels at 1.0760. At the moment the price is pulling back downwards, trading is carried out at a strong 1.0680/90 support level. Indicators are not turned up anymore, suggesting a reversal. This fact gives reasons to expect further corrective decline within the uptrend, which is still considered to be dominating. Growth to 1.0800 and then to 1.0900 level is a possibility. On the other hand, if the price, while correcting, falls below 1.0540/50 level, it'll be considered as a reversal to the "bearish" trend.

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    Forex | 外匯

    Analysis by: Joaquin Monfort
    Forex4you analyst

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