Forex4you Technical Analysis 11 August 2011

AUD/USD: technical analysis
Earlier forecasts, anticipating sideways correction in the pair, confirmed. The price tested level  0.9930/20 and then 1.0400/10 resistance line, which turned out to be strong and pushed the price back downwards. At the moment trading is consolidating within narrow range between 1.0300-1.0100 levels.  Indicators are turning up, suggesting a possible reversal in the pair. However, it can also indicate just the range widening to 1.0530/40 resistance level.  Growth above 1.0700/80 will give good chances for the uptrend to recommence. Until it happened, the bearish trend should be considered as dominating -  0.9920 breakout with the following fixation below will be a signal to further downtrend with strong 0.9800, 0.9700/0.9680 support levels on the way.

Analysis by: Joaquin Monfort

Forex4you analyst
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