Forex4you Technical Analysis 31 May 2011

Go down

Forex4you Technical Analysis 31 May 2011

Post  namrata on Tue May 31, 2011 6:06 am

AUD/USD: technical analysis
The bears came close to 1.0400 target, mentioned in the previous analysis, but failed to reach it. Receiving a good support at 1.0440 level, the price recommenced its growth and not only managed to ascend to the downtrend channel (blue) line, but even rose to higher levels at 1.0760. At the moment the price is pulling back downwards, trading is carried out at a strong 1.0680/90 support level. Indicators are not turned up anymore, suggesting a reversal. This fact gives reasons to expect further corrective decline within the uptrend, which is still considered to be dominating. Growth to 1.0800 and then to 1.0900 level is a possibility. On the other hand, if the price, while correcting, falls below 1.0540/50 level, it'll be considered as a reversal to the "bearish" trend.




Forex | 外匯

Analysis by: Joaquin Monfort
Forex4you analyst

Disclaimer: 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.

namrata

Posts : 62
Join date : 2011-04-15

View user profile

Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum