AUD/USD : Exit of the medium term bearish channel
--- New analysis ---
The pair AUD/USD has validated on wednesday an exit of its medium term bearish channel (brown lines) and is now moving into a short term bullish channel (blue lines in h1). The price made a double top on 1.04 and is now going to test 1.0350 as support and also the lower band of its new channel.
We advise still advise to trade the pair according to the key level at 1.03:
- Only long positions above 1.03. The breakout of 1.04 will give a new buy signal and should allow the price to reach the next resistance at 1.0450
- Only short positions below 1.03. The breakout of 1.0250 will give a new sell signal and will open the way towards the support at 1.02.
Analysis published by Vincent, the 10/19/2012 at 09h30 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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