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Forex4you Technical Analysis 4 July 2011


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AUD/USD: technical analysis

Previous forecasts, predicting further downtrend were false. The price went back to growth and rose to level 1.0770/80, which merges with a strong local maximum, formed at the end of May-beginning of June, which pushed the price lower, to 1.0730/10 level. This event gives reasons to expect a reversal towards the up trend, but only if the price holds above 1.0700/10 levels, mentioned in the previous analysis. So we now anticipate a historical maximum at level 1.1000/10 to be tested in the near future. Forming MACD divergence, however, doesn’t support this forecast, suggesting to consider a new correction within 1.0780 - 1.0700 range. At the same time, if the price falls below 1.0700 level and fails to hold within the current range, we’ll be anticipating a possible reversal to level 1.0400. Decline below 1.0620/1.0590 range will be another sign for that.

Forex

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.

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  • 5 years later...

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