Tuesday, July 12, 2011

AUD/USD Around Third Weekly Support


The Australian dollar – United States dollar pair will continue its negative movement towards its previous low levels which were set at around 1.0360. 

We should take into account the nearby weekly support level of 1.0530 that could surprise us and bring a final halt to the present wave of price drops. Because of this, we will use this level as the trigger for a buy position on the pair. 

We should also place an emphasis on the lower and significant support level at 1.0360 as an additional trigger for an increase in a position in the event that the pair continues its downward movement.

Performed by Gerardo Porras Palomino, Analytical expert
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