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AUD/USD : Back on the major daily resistance at 1.06


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#1 ⇑ Haut ⇑ 11-01-2013 10:47:27

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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
http://www.tribuforex.fr/analyses/FOREX/audusd-11012013.png

AUD/USD 4h chart
http://www.tribuforex.fr/analyses/FOREX/audusd-11012013-2.png







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    AUD/USD : Back on the major daily resistance at 1.06



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