You are not logged in.
Pages: 1
#1 ⇑ Haut ⇑ 11-01-2013 10:47:27
- Bruno
- Trader, Analyst and webmaster for Forex-Tribe
- Registered: 07-12-2008
- Posts: 20610
- Reputation : 2
- Website
Rate this member :
Share this topic :
AUD/USD : Back on the major daily resistance at 1.06
The pair AUD/USD has relaunched its bullish rally yesterday and validated the breakout of 1.0550, giving us a new buy signal. The price made a high next to the major daily resistance at 1.06. This morning, the price is making a correction of its rally and is going to test the upper limit of the short-term bullish channel as support (orange lines on the 1h chart).
I advise traders to trade only long positions as far as 1.0525 is support.
A stay above 1.0550 will strengthen this bullish sentiment.
A break of 1.06 will give then a new buy signal for an extension of the bullish movement towards 1.0650 or above this level is also broken.
In case of return of below 1.0525 then I will advise traders to wait a downward break of 1.05 (channel output) before trading short positions.
AUD/USD 1h chart
I advise traders to trade only long positions as far as 1.0525 is support.
A stay above 1.0550 will strengthen this bullish sentiment.
A break of 1.06 will give then a new buy signal for an extension of the bullish movement towards 1.0650 or above this level is also broken.
In case of return of below 1.0525 then I will advise traders to wait a downward break of 1.05 (channel output) before trading short positions.
AUD/USD 1h chart
AUD/USD 4h chart
Index » Forex-Tribe Daily Technical analysis »
AUD/USD : Back on the major daily resistance at 1.06
Pages: 1