Couple of Charts to Start the Week 8/15/11

Article originally published on innerfx.com and republished here with permission

Quote of the day:“Do not wait for extraordinary circumstances to do good; try to use ordinary situations.” ~ Jean Paul Richter

Good morning. Equity markets continued the recovery on Friday, therefore AUD crosses are trading higher – AUDUSD testing resistance into former support zone. The Swiss franc continues to retreat against most counterparts not showing notable signs of strength yet. Let’s take a quick look at some charts:

AUDUSD

Buying a few days ago at “cheap” levels as the bottom was suggested by the highlighted reversal candle was a good idea. Interim resistance is now under pressure and I think it’s best to look for new buying opportunities on strength, if the upside barrier will be breached.

Australian Dollar Vs US Dollar Daily Chart 8-15-2011Australian Dollar Vs US Dollar Daily Chart 8-15-2011

EURAUD

Support near 1.38 was breached last week and it seems there’s more downside ahead. Minor rallies will probably be sold, so I am looking for new selling opportunities on potential pullbacks to 1.3800-1.3850. Next support level is at 1.3500

Euro Vs Australian Dollar Daily Chart 8-15-2011Euro Vs Australian Dollar Daily Chart 8-15-2011

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About abwehra group

The Art&Science of Trading Gold
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