FxGrow Daily Technical Analysis – 11th Jan, 2015
By FxGrow Research & Analysis Team
AUDUSD - dynamic rebound from the support
Since the beginning of this year AUDUSD falls and broke few supports. For 6 sessions there was lower highs and lower lows and this downtrend stopped today, when first dynamic rebound occurred. Rebound was caused by support which was created by September's lows at area 0.6920. Temporarily rebound was stopped by 0.7020 level, but after its breakout next resistances are at levels: 0.7080, 0.7160, 0.7280.
Wider view, time-frame W1
Since 2011 AUDUSD moves in downtrend. However last 5 months is a side movement between levels: 0.6920 - 0.7370. It is more likely that in long time trend will be continued and price will fall below 0.6920. While price is between pointed levels it is a side trend and traders should trade from band to band.
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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.