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

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February 7, 2013 1:30 AM EST

Updated the:
AUD/USD : Short term bearish channel

Sentiment :



--- Follow up analysis ---
The pair AUD/USD has launched its night a new bearish rally, validating the break of 1.04 (sell signal). This morning, the price continues its bearish rally and just validated the downward break of the minor support at 1.0350. The price is now moving below the lower band of its short-term bearish channel (brown segments).

I advise traders to trade only short positions parity as the price will be located under 1.04. A stay below 1.0350 will reinforce our bearish sentiment. A break of 1.03 would give a new sell signal for an extension of the bearish rally towards 1.0250 or lower level is this level is broken.

In case of return of  above 1.04 then I would advise traders to wait for a breakout of 1.0450 before trading long positions.

Traders with a more agressive strategy could trade the pair according to 1.04 (long above and short below).
Full analysis

Analysis published by Vincent, the 02/06/2013 at 10h00 GMT+2

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