AUD/USD - Australian Dollar US Dollar, European Session - 20/11/08

19 November 2008 @ 10:00 pm EDT

0,6345. AUD USD broke 0,6420 support. The volatility rises. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on AUD USD. The downtrend should continue on 0,6000 support (345 pips).
=> We could take a short position at 0,6350. We will put the stop loss above 0,6420 (-70 pips). The targets are 0,6210 (+140 pips, risk/reward 1:2), 0,6000 (+350 pips, risk/reward 1:5) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.
Resistances
0,6410 - 0,6570
Supports
0,6330 - 0,6210

For more forex information, go to www.mataf.net

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