2 September 2009
AUD/USD technical analysis
As was supposed, strong support 0.8340/30 breakdown opened way down. A price tested level 0.8240 – trend line of upward regress channel (blue lines), which was mentioned in a previous commentary, and now returns up; bidding goes on level 0.8320/30. Current picture can signify resumption of long-term “bull” trend. Indicators’ readings yet not give definite, unique signals. Obviously, a crucial moment in growth continuation, yet to maximums 0.8450/60, will be breakdown of (already) resistance 0.8340/30. And if this barrier will not be overcome by “bulls”, then we can suppose another trend line test of regressive channel. This support breakdown will cause serious mood potential in favor of downward movement and will give reason to expect price’ fall to the support 0.8140/50.
Analysis prepared by:
Arkady Nagiev
Forex4you analyst
<< Back to "Technical analysis"
