Forexpros.com Daily Analysis -12/04/2011

By @ibtimes on

ForexPros Daily Analysis April 12, 2011

Free webinar on ForexPros - Fibonacci... Easy as ABCD

Expert: Andrei Knight

Start: Wed, Apr 27, 2011, 08:00 PST
End: Wed, Apr 27, 2011, 09:00 PST
  
Fibonacci need not be difficult!  Learn a simple ABCD pattern, which can easily be used to trade news spikes, long-term positions lasting several months, and just about everything in between.  Join leading fund manager and trading coach Andrei Knight for this exciting instructional webinar which will transform the way you look at charts and help you achieve better trading results.

Mr. Knight is the author of Trading Forex for a Living from Harriman House, as well as FXStreet's forth-coming DVD Fibonacci: Unlocking the Market Code.

Click here to join free

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Aud/Usd reversed quite sharply in recent sessions from its highs as commodities weakened; a move that appears to be a first small impulse on the way down. As such, temporary highs should be in place with at least three wave downward structure underway. Notice that pair also broke below rising trend line which is another important evidence of a temporary bearish price action, which however, still could be only a correction within a larger trend. Pair seems to be headed towards wave 4 support shown around 1.0300.

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Forex Trading Analysis written by Gregor Horvat for ForexPros. For more information about technical analysis visit ForexPros.

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