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Daily Technical Stategist AUDUSD

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Daily Technical Stategist AUDUSD Powered By Docstoc
					 Wednesday, 30th of Oct, 2011                              FXTechstrategy Team
                                                         info@fxtechstrategy.com
DAILY TECHNICAL STRATEGIST
       AUDUSD
                          AUDUSD: Triggers Recovery On Hammer
                          Candle Formation.

                          AUDUSD: With a reversal of its intra day losses
                          seeing the pair closing marginally higher at the
                          end of Tuesday trading session, AUDUSD has
                          triggered a correction and now looks to strength
                          further. This is coming on the back of a hammer
                          candle (bottom reversal signal) formation
                          following its medium term weakness started from
                          the 1.1078 level. The cross will initially target its
                          Sept 26’2011 low at 0.9620 on further recovery
                          where we could see a reversal of roles but if this
                          fails, further strength could build up towards the
                          0.9699 level, its Oct 03’2011 high. Further out,
                          the big resistance comes in at the 0.9926 level, its
                          Aug 09’2011 low. Its daily RSI is turning higher
                          supporting this view. On the downside, a breach
                          of the 0.9386 level will have to occur to put its
                          present recovery attempt on hold and resume its
                          medium term downtrend towards the 0.9127
                          level, its weekly 200 ema.

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DOCUMENT INFO
Description: AUDUSD: With a reversal of its intra day losses seeing the pair closing marginally higher at the end of Tuesday trading session, AUDUSD has triggered a correction and now looks to strength further.
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