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Sunday, August 8, 2010

AUD/USD----- When will it be back below 0.8900 ?

Aud/ Usd is a very interesting pair which has maintained its strength for prolonged period partially due to the weakness in the Dollars recently.


H4 AUD/USD Chart







Daily Chart AUD/USD


Weekly Chart AUD/USD


On the Daily Chart, we can see that resistance 1  at 0.9184  is a very important Resistance/Suppport.  The possibility of  breaching 0.9261, being the Resistance 3 on the daily chart cannot be discarded.

However, the presence of  bearish sentiments on H1/H4/Daily charts are signalling us that the reversal may be on sight near term.

On H4, the next immediate support is 0.9096 (61.8% Fibo Retr), breaking it may expose 0.9022, and 0.8976 (being 38.2% and 23.6% Fibo Retr  Respectively), and then  0.8900 (0.00 Fibo Retr)

Please do note the formation of  Bearish triple tops on weekly charts is being finalised soon

In short, AUD/USD may reverse and dip below 0.8900 soon.
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