Aussie Finds Support?

Colin Jessup

By: Colin Jessup

The AUD/USD pair seems to have found some support at our previous resistance zone of 1.0500. The daily candle has stopped in its tracks at 1.0506 and a new one is forming using the same zone as its base. When the market rallied before closing last week it reached a high of 1.0752, just shy of August's high at 1.07642 before falling back to the level we are at now, in Monday's US session. If this zone can hold I will be looking for prices to return to last week's high around 1.075 before challenging the next key resistance level at 1.100. Should the bears continue their assault and push prices back down below 1.0500, we should see support at 1.033 and then a monthly level of support at 1.018. With prices recovering most of Septembers bearish fall in October, Its quite probable that we will continue upward from this level and re-test those previous highs.

Happy Trading

AUD/USD 11/1/11

Colin Jessup
Colin Jessup is certified in both Securities & Technical Analysis from the Canadian Securities Institute, founder of Omegatrader Canada and a Live Trading Coach at TheTradingCanuck.com, a service that calls live trades to captures dozens of pips daily with low drawdown.

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