Thursday, July 14, 2011

AUD/USD Meeting Resistance - 14 July 2011

After reaching the price objective for the double top yesterday the aussie has suddenly changed trend again and spiked up. After rising over 150 pips It is now approaching resistance at 1.0790, which it will probably reach. 

Both point and figure targets pointed to 1.0760, which has just been fulfilled, indicating a period of consolidation could follow at this level before the next major move.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst