Forex4you Technical Analysis 15 June 2011

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Forex4you Technical Analysis 15 June 2011

Post  namrata on Wed Jun 15, 2011 6:00 am

AUD/USD: channel breakout
The AUD/USD has broken out of the neat channel it was rallying up within. It will probably break lower given a price pattern is also forming at the intra-day highs, and it has reached a resistance trendline. Taking the width of the channel as a guide we get a downside target of 1.0630. The 0.0005x3 point and figure chart also has a bearish target at nearby1.0620 and the exchange rate will probably fall to there, although the bullish count to 1.0795 is still valid here are other signs of strength so caution should be exercised as the up-trend could resume at any time.

Analysis by: Joaquin Monfort
Forex4you analyst

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