TECHNICAL ANALYSIS OF AUDUSD 27/10/11
The break of the support of 1.0365 in AUD / USD suggests the formation of a temporary maximum at 1.0500 and intraday bias is turned upside down in neutral with a possible consolidation down. The down side should be contained by 1.0117 support and bring another rise. It 's likely that the correction to 1.1079 is already complete with three waves up to 0.9387. Values above 1.0500 will target 1.0764 resistance. However, a decisive break of the support of 1.0117 will dampen this view and indicate the formation of a maximum short-term with the condition of divergence bearish MACD. In this case, you will experience a relapse toward the 61.8% retracement of 0.9387 to 1.0500 to 0.9812 and lower.
AUD / USD has gained strong support from 0.9404 despite a brief interruption and development denotes a bullish outlook in the long term. The entire uptrend that began in 2008 to 0.6008 is still in progress and price actions from 1.1079 should simply be a pattern of consolidation. However, it is better to be cautious about the signs of a reversal, while AUD / USD approaches 1.0764 resistance zone / 1.1079 since it could cause a decline in the short term before the end of the consolidation from 1.1079. In any case, the prospect remains bullish as long as the support of 0.9387 is maintained and this favors a possible location for the up trend.
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