AUD/USD Technical Analysis (Australian Dollar / US DOllar)

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January 7, 2013 9:28 PM EST

Updated the:
AUD/USD : A correction not without consequences

Sentiment :



--- Follow up analysis ---
The pair AUD/USD has performed at the end of last week a round return between 1.04 / 1.05. The price has first plunged towards 1.04 to finish the week on the resistance at 1.05.
The price stumbled slightly below 1.05 at the beginning of this week.

I advise traders to trade only long positions as far as the price will be above 1.0450.
A pullback on this level as support is possible as far as 1.05 is not broken up.
A break of 1.05 will give then a new buy signal for an extension of the bullish movement towards 1.0550 or above this level is also broken.

In case of return below 1.0450, two options will be offered to traders:
- Wait a break-down of 1.04 to enter Short on the pair
- Return directly their positions at the breakout of 1.0450

Full analysis
Analysis published by Vincent, the 01/07/2013 at 09h00 GMT+2

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