AUD/USD : Medium term bearish channel
--- Follow up analysis ---
The pair AUD/USD has continued its bearish rally and found support yesterday on 1.02. The pair is now moving into a medium term bearish channel (brown lines). The price is currently testing the lower band of the channel and also the support at 1.03.
We continue to advise short positions as far as 1.03 is resistance. A pullback on this level stay possible. The breakouts of 1.0250 and 1.02 will both give a new sell signal and will open the way towards 1.01.
In case of return above 1.03, we will then advise to trade long positions.
Analysis published by Vincent, the 10/04/2012 at 10h00 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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