AUD/USD : Medium term bearish channel
--- New analysis ---
The Australian central bank has down its interest rate of 0.25%, leading to a strong bearish movement on the pair AUD/USD. The price is now moving into a medium term bearish channel (brown lines) and is currently testing the lower band (around the support at 1.03).
We advise to trade only short positions as far as 1.04 is resistance. The breakouts of 1.03 and 1.0250 will both give a new sell signal and should open the way towards 1.02.
In case of return abve 1.04, a buy signal will be given and we will then advise to trade only long positions.
Analysis published by Vincent, the 10/02/2012 at 10h45 GMT+2
Chart of the pair AUD/USD - Timeframe 4H
Chart of the pair AUD/USD - Timeframe 1H
|AUD/USD Live Chart - Timeframe : 4h|
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