AUD/USD broke the narrowing channel I was talking about two days ago and made an upward break. Very close to the end of the week, it trades higher and aims for new targets. AUD/USD long is live and kicking. On March 11th, I wrote that AUD/USD is squeezed in a narrowing channel, and that the break is close. The uptrend support and downtrend resistance were broken well before the lines were about to meet (end of March). Between Thursday and Friday , AUD/USD broke the downtrend resistance line and moved upwards. AUD/USD now trades at 0.6571. Apart from the AUD/USD fundamentals mentioned in the previous post, a weakening of the dollar across the board helped push this currency pair upwards. Also the price of gold, strongly related to the Aussie, went up. The targets for this pair are 0.68, and later 0.72, where strong resistance is expected. The only surprise was with the AUD/NZD pair. The RBNZ lowered the interest rate in New Zealand, but hinted expressed great optimism, quite rare these days. The New Zealand dollar made gains across the board with NZD/USD at 0.5329, 200 pips+ rise in since the announcement. I’ll update on the G20 summit in Sussex during the weekend. The summit of major financial figures from 20 industrial countries are preparing the G20 summit of world leaders in the beginning of April. The financial summit in Sussex, happening right now, might release statements that will influence the forex market. Have a great weekend! Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Forex News share Read Next Forex Links for the Weekend – March 14 2009 Yohay Elam 13 years AUD/USD broke the narrowing channel I was talking about two days ago and made an upward break. Very close to the end of the week, it trades higher and aims for new targets. AUD/USD long is live and kicking. On March 11th, I wrote that AUD/USD is squeezed in a narrowing channel, and that the break is close. The uptrend support and downtrend resistance were broken well before the lines were about to meet (end of March). Between Thursday and Friday , AUD/USD broke the downtrend resistance line and moved upwards. AUD/USD now trades at 0.6571. Apart from the AUD/USD… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
