18.10.201109:35 Forex Analysis & Reviews: AUD/USD Intraday Technical Analysis October 18, 2011

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/USD is now trending down inside a bearish channel since August 1.

Since it broke the main established low at 0.9942, it declared the structural end of the former uptrend.

Recently, the pair found support from the lower limit of the marked channel manifested in the long bullish daily candlesticks.

The pair managed to break and close above former resistance zone 0.9727-0.9942 and 38.2% Fibonacci level (0.9920).

We need to focus on short positions in this strong downtrend so We suggested a SHORT position at 1.0300 or better which is giving +120 pips till now.

This resistance area is representing the upper limit of the bearish channel, 61.8% Fibonacci level & previous supply (congestion) zone.

SL should be advanced to be daily closure above 1.0259 and TP remains the same at 1.0010, 0.9950 and 0.9730.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.