Tuesday, July 12, 2011

AUD/USD Double Top Target Met

The double top on the 4-hour chart broke down and fullfilled its price objective at 1.0540. There has been a small bounce today and it is possible a correction higher may be beginning, with consolidation zone at 1.0650 as possible target. 

The point and figure chart shows that the bounce has not broken the downtrend yet, but if it surpasses 1.0605 then it would – and activate the 1.0720 target as well; meanwhile the current target down is at 1.0405.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst