Wednesday, January 19, 2011

AUD/USD Technical Analysis |19 January 2011

AUD/USD Technical Analysis |19 January 2011

This pair rose much more strongly than expected, breaking above parity and reaching its current level in the 1.0050s. The whole move up off the lows of the 12th Jan may have further to go. It is possible it could be part of a larger Elliot wave 5 up from the larger wave which began at the lows of the 1st of December.

If this is the case then it could eventually reach as high as 1.0270, just above the wave 3 highs of 31st December. As far as a more immediate forecast goes, however, there is very little nearby overhead resistance, except perhaps the 1.0090 level but the resistance there is not significant.

by Joaquin Monfort, Analytical expert , Forex4You © 2011

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