AFX: AUD/USD - Australian Dollar US Dollar, American Session - 03/11/08
0,6661. AUD USD is in a consolidation after the last bullish movement. The volatility is high. ForexTrend daily (Mataf Trend Indicator) is in a bearish configuration. 1H ForexSto (Modified Stochastic) indicate a bearish pressure on AUD USD. The consolidation should continue. The price should find a support above 0,6570 (91 pips). If the support is broken then the target will be 0,6340 (321 pips).
=> We could take a short position at 0,6700. We will put the stop loss above 0,6800 (-100 pips). The targets are 0,6570 (+130 pips, risk/reward 1:1.3), 0,6340 (+360 pips, risk/reward 1:3.6) . Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 2.
Resistances
0,6755 - 0,6900
Supports
0,6570 - 0,6340
