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Forex4you Technical Analysis 7 April 2011

Discussion in 'Forex Daily News & Outlook' started by forex4you, Apr 7, 2011.

  1. forex4you

    forex4you New Member

    Jul 13, 2010
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    EUR/USD: technical analysis
    The large 3 x 0.005 chart is still is showing an upside count of 1.4550 with trendlines still intact, so we probably have higher to go. The smaller 3 x 0.0015 is also still in an uptrend too with trendline still intact and target at 1.4385. Finally the small 3 x 0.0005 is in a downtrend with a target at 1.4270, which has been met so it is possible this might reverse now and rally towards 1.4385 target. If it continues to sell off, however, the next level of support down might be around the 1.4215 mark.


    AUD/USD: technical analysis
    Support 1.0290/80 level not only stopped a decline, but also triggered reversal to growth. The price has almost tested 1.0500 level, mentioned previously as the next "bullish" target. Taking into account present MACD divergence and descending SS, we may anticipate a large scale pull back or even a reversal very soon. Decline below 1.0400 level will indicate the "bullish" weakness, and support 1.0290/80 breakout would mean a reversal from the up trend.


    Forex broker | Forex
    Analysis by: Joaquin Monfort
    Forex4you analyst

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