Wednesday, February 2, 2011

AUD/USD | Aussie/US Dolllar | Technical Analysis | 2 February 2011

AUD/USD | Aussie/US Dollar | Technical Analysis | 2 February 2011

This pair has definitively broken out of the triangle shaped consolidation it was in. Today it pulled back from the highs achieved yesterday in what appears to be a wave 4 or B wave.

I expect it to go higher in the next wave and achieve the objective measured by the width of the triangle from the breakout point which yields a target of 1.0225 eventually, although a more conservative target would be 1.0165 where price intersects and will probably be resisted by with the old trendline from the November lows.

by Joaquin Monfort, Analytical expert , Forex4You © 2011

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