AUD/USD | Technical Analysis | 21 January 2011The overall trend seems to be down, particularly after yesterday’s breach of a major trend-line up from the June ’10 lows. Nevertheless there is some support at the current lows including the border of the Ichimoku cloud but it is thin at that point indicating potential weakness.
Further downside would be expected to target the support and resistance level at 0.9790 and then further down at 0.9660. There is a chance of bounce in the short term too however, with 0.9955 as a possible upside target.
by Joaquin Monfort, Analytical expert , Forex4You © 2011
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