Friday, January 28, 2011

AUD/USD | Technical Analysis | 28 January 2011

AUD/USD | Technical Analysis | 28 January 2011

This pair is still in the sideways consolidation which began on the 12th January. This may have taken the form of a triangle - the E and final leg of which we may be in now. The exchange rate began to reverse and rise this morning and has now reached the 0.9970s.

There is every chance it will follow through and reach the strong resistance levels at parity or just above. From there it is possible it will reverse and fall back to 0.9925 initially, before breaking out of the triangle to the downside, although confirmation should be sought before acting.

by Joaquin Monfort, Analytical expert , Forex4You © 2011

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