TREND ANALYSIS OF THE AUDUSD FOR 12/07/13
On the 4-hour chart:
During the current week there have been formed the lines 1 and 2, which are the borders of the descending. Now the pair is in the phase of the technical correction, caused by recoil from the line 2. The price pierced the level 1.0154 upwards. The moving averages have given the bearish signal.
On the 1-hour chart:
During the last American and Asian sessions, the pair formed the ascending trend channel, clamped by the lines 1 and 2. The moving averages started turning in the direction of the current tendency. The nearest resistance lies at 1.0182.
On the 15-minute chart:
The pair finished the correction period of the daily ascending trend by the rebound form the level 1.0153, confirmed it as a support. The price is trying to hold above the level 1.0163 at the moment. The resistance line 1 lies on the way of the pair, which grows within the trend. Recommendation: keep the long positions opened, but move the stop losses to breakeven.
By MasterForex Company