Forex4you Technical Analysis 20 May 2011

AUD/USD: technical analysis
The trend down is strong and likely to resume given this comparatively subdued counter-trend rally so far. However there are no signs of this happening yet since the trend up is still intact and rising higher. It is possible that the monthly pivot at 1.0744 could resist the rally and force it back down. At nearby 1.0750 there is a trend line down off the highs which would also act as resistance. A drop could correct back to 1.0560 initially, where there is robust level of support, or fall all the way to the lows at 1.0490.

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Analysis by: Joaquin Monfort
Forex4you analyst

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