Thursday, August 18, 2011

AUD/USD Falling to Support - August 18, 2011

The aussie rose to 1.0600 yesterday and then began falling. A TD sequential sell signal on the hourly chart signalled the sell-off. 

The trend down has continued since then in an uninterrupted move. 

It would be expected to continue falling until it reaches the next major level of support at 1.03875. 
From there a bounce may take the exchange rate higher once more.

Analysis prepared by:
Joaquin Monfort
Forex4you analyst