AUD/USD Technical Correction for June 20, 2012 (Daily Strategy)
The Australian dollar is trading very close to the second weekly resistance 1.0240, and it is likely to reach this level, but the indicators show exhaustion and a possible downward correction, so we recommend sell at 1.0220 with objectives at 1.01, and if there is a breakdown of the uptrend line, we recommend to resell at 0.9930 around the moving average of 200 periods.
On the other hand, a daily close below 1.0190 will be the beginning of the correction of the pair.
The indicator range is at 98.65, showing bearish signal.
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Performed by Герардо Поррас Паломин, Analytical expert
InstaForex Companies Group © 2007-2011
Gerardo Narciso Porras Palomino
Gerardo was born on August 30, 1980 in Huancayo, Peru. Since 1999 he has been studying Maintenance Mechanics specializing in fluids engineering (SENATI). In 2005 he entered the foreign exchange market and started dealing with investments and studying technical analysis. Since 2007 he has been engaged in Forex activities. He has taken the advanced course of Forex trading (UdeForex) at University of Forex and acquired the following qualification: Operator and Analyst in the foreign exchange market. He carries out many other studies, they are the Waves of Elliot, the famous theory of Fibonacci, etc. Now he seeks to operate his own money on the market to carry out technical and fundamental analysis and also to instruct beginners helping them to gain consistency in trading.
Types of Analysis: Fundamental analysis , Fractal analysis , Technical analysis , Forecast
Experience: 6 years
Analytical Credo: "Wisdom is the prime thing. Acquire wisdom; and with all that you acquire, acquire understanding" (Salomón)