5 January 2010
AUD/USD: technical analysis
The price comeback upward together with the breakage through some of significant resistances has determined the return to growth at this very pair. Up to the moment the price is consolidating at 0.9110/20. The “bulls” have managed to uplift the price till the trend line of the middle-termed descendant channel (the red lines) and the resistances’ power at these levels can cause the decrease’s recovery. The indicators are still maintaining the mood in favor of growth though start to demonstrate derogation, MACD demonstrates the decrease of last histograms, and R% - an attempt to break downward through the trimming line of the over purchased zone. The breakage through the support range within 0.9060-0.9030 will be a heavy claim of the “bears” for authority recapturing, and the trading downfall lower than 0.8990 – the final confirmation of the recovery of the descendant trend targeting another levels’ exercise at 0.8730/00. The attempts to continue the growth seem to be limited with the resistance level at 0.9170/90.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
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