With AUD/USD wiping out its previous week losses and closing lower on a bearish engulfing candle pattern (top reversal signal), risk of further weakness is expected. This is coming on the back of a loss of upside momentum at the 1.1009 level. Guest post by www.fxtechstrategy.com With that said, risk of further weakness points lower towards the 1.0444 level, its April 19’2011 low with a turn below that level paving the way for more weakness towards the 1.0388 level, its April 12’2011 low. This level should provide a strong support if tested and turn the pair back up in the direction of its primary trend. Alternatively, for AUDUSD to re-establish its long term uptrend now on hold it has to break and close above the 1.1009 level. This will put the pair in a position to strengthen further towards the 1.1100 level and then the 1.1200 level, its psycho levels. The psycho levels are necessary as overhead resistance levels are absent. 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 Opinions share Read Next Forex Daily Outlook – May 9 2011 Anat Dror 12 years With AUD/USD wiping out its previous week losses and closing lower on a bearish engulfing candle pattern (top reversal signal), risk of further weakness is expected. This is coming on the back of a loss of upside momentum at the 1.1009 level. Guest post by www.fxtechstrategy.com With that said, risk of further weakness points lower towards the 1.0444 level, its April 19'2011 low with a turn below that level paving the way for more weakness towards the 1.0388 level, its April 12'2011 low. This level should provide a strong support if tested and turn the pair back up in the… Regulated 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.
