Monday, December 21, 2009

aud/usd speaking of longer time-frames long term trend

stepping back and looking at a daily chart aud/usd has clearly went from a stage of setting higher lows to recently lower lows. I have a pivot of .9136 which has to be exceeded for long term bull trend to continue. as it stands I consider this to be a aud/usd bear trend in daily time-frame with next support at .8689 and resistance at .8903 should there be a bounce but looking at the daily it looks like a boulder pushed to the top of a hill and waiting to fall. There will have to be some buying soon to support that uptrend and the chance of there being parity (ie 1.0000 level).

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