| AUD/USD Technical Analysis - May/16 |
| Written by Praful Patat |
| Monday, 16 May 2011 04:43 |
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AUDUSD broke up trend line on 4 hour chart and back test trend line also 61.8% (1.0829) of 1.1011 to 1.0535, extension 127.2% (1.0407), 161.8% (1.0241). AUDUSD break of 1.0535 support, next target will be extension (1.0407) on intraday. AUDUSD also formed double bottom on 1 hour chart as minor. AUDUSD won’t break of 1.0602 daily PP down side remain same trend, otherwise retracement possible. AUDUSD break of 1.0527 support next target will be 1.0481 on intraday. Pivot: R3-1.0797, R2-1.0723, R1-1.0676, PP-1.0602, S1-1.0527, S2-1.0481, S3-1.0407.
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