ForexPros Daily Analysis April 12, 2011
Free webinar on ForexPros - Fibonacci... Easy as ABCD
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Start: Wed, Apr 27, 2011, 08:00 PST
End: Wed, Apr 27, 2011, 09:00 PST
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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.
Forex Trading Analysis written by Gregor Horvat for ForexPros. For more information about technical analysis visit ForexPros.
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