Forex4you Technical Analysis 21 July 2011

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Forex4you Technical Analysis 21 July 2011

Post  namrata on Thu Jul 21, 2011 5:50 am

AUD/USD: technical analysis
The pair continued its uptrend and the price rose to level 1.0780/70, which turned out to be a strong barrier for the bulls, so trading retraced backwards and it's now carried out at 1.0720/10. No significant changes took place, so the outlook is rather unclear - 1.0780/70 resistance breakout will determine further bullish trend aimed at testing 1.1000 maximum level. 1.0530/50 support breakout, on the other hand, will be a signal for decline towards 1.0400, and then to 1.0280/1.0300 levels. As for the indicators, their readings seem to be prefer growth as a higher possibility.


Forex
Analysis by: Joaquin Monfort
Forex4you analyst

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namrata

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