1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Forexpros Daily Analysis - 11/07/2011

Discussion in 'Forex Daily News & Outlook' started by forexpros2, Jul 11, 2011.

  1. forexpros2

    forexpros2 Member

    Oct 20, 2009
    Likes Received:
    ForexPros Daily Analysis July 11, 2011

    Today: Free webinar on ForexPros - Forex Psychology by Analyst Navin Prithyani

    Expert: Navin Prithyani

    Start: Mon, Jul 11, 2011, 09:00 EST
    End: Mon, Jul 11, 2011, 10:00 EST

    "Each of us traders have a unique strategy we use to engage the forex market with. We end up failing due to many factors caused by our very own mind. It is these very factors that are making a profitable trading strategy fail in progress. Changing the way one thinks is close to impossible but with certain tactics - tricking the mind to think what you need it to think can be achieved overnight." Learn the tips and tricks on Forex Psychology by Analyst Navin Prithyani.

    Click here to join free


    AUD/JPY at New Resistance

    After the nice run up in March, when the AUD/JPY appreciated from 74.48 to 90.02, this pair has not done much. The Japanese became “lifeless” and the price is largely responding to what happens to the Australian Dollar. As a result, its action on the daily chart has been moving primarily sideways, with a downward slant.

    In a quiet manner, the AUD/JPY dropped to 84.31, rebounded slightly and then made another low for the move at 84.05. Recently though, the volatility increased to some degree and the price advanced to 87.57 on Thursday, which is an important point right now because it coincides with couple of possible resistance levels.

    There is a minor high from few weeks ago, as well as a down trendline. It is the confluence of these two factors that makes this particular resistance important. Whatever happens at this level, can easily determine the direction of the AUD/JPY for the near future.

    An upside breakout here will likely mean a bullish continuation, perhaps going as high as to test the 90.02 high. On the other hand, a reversal can send the price back down to 84.05, maybe even lower. We should have the answer within next 1-3 days.


    Forex Trading analysis written by Mike Kulej for Forexpros.


    Visit Forexpros new Forex Brokers Directory !


    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.

Share This Page