Forex4you Technical Analysis 5 May 2011

namrata Thu May 05, 2011 6:11 am

AUD/USD: technical analysis
The aussie has fallen quite rapidly, reaching yesterday's target and a support shelf at around the1.0650/60s region. It is possible it could bounce from here although there is no sign of that happening yet. A push below support at 1.0650 could lead to another bearish run. The next target down on the 0.0005 x 3 chart is 1.0570s, whilst the 0.001 x 3 chart is even more bearish with a 1.0510 target calculated after the break down from the most recent pullback.

Forex |Foreign Exchange
Analysis by: Joaquin Monfort
Forex4you analyst

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