namrata.yadav Posted July 8, 2011 Report Share Posted July 8, 2011 AUD/USD: rallying again The head and shoulders failed and a covering rally has brought the exchange rate higher again. Now there is a strong green daily candle with bullish connotations and the breakout from the wedge pattern is in full flow with an upside target of 1.1094. The point and figure counts are 1.0960 and 1.2150. There is a monthly pivot at 1.1012 and the former highs at 1.1011, so the 1.1000 mark may be a key level to watch on the upside. Resistance from former highs at 1.0789 may stifle demand temporarily and push the pair back down to support at 1.0745 but once it gets going the rally should reach the 1.09/10 region in time. Belajar 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. Quote Link to comment Share on other sites More sharing options...
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