By
Forex4you |
Technical Analysis | Apr 30, 2010 04:15PM GMT |
The AUDUSD is caught within a narrow range with resistance above and support below. Above sits a monthly pivot and the lower line of a trend channel; below the 50 Day MA, a Speed line and the top of the Ichimoku cloud: supply and demand seem evenly matched.
The Elliot wave count, however, indicates pressure downside and momentum too is diverging bearishly; finally the market as a whole looks overbought. It there is a move down, prompted perhaps by US GDP figures today, prices may go first to the 0.91s where they will meet the 50 Day MA and the top of the cloud chart; and then if there are further loses, to 0.89s where there is the 200 Day MA a 76.4% Fibonacci line from the ’08 highs and the bottom of the Ichimoku cloud.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
