Forex4you Technical Analysis 11 May 2011

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AUD/USD: technical analysis
The AUD/USD eventually broke out of the triangle it was forming intraday. There is evidence the breakout rally may climb higher, perhaps to either 1.0900, which is the 76.3% fib line or to 1.0940 which is the triangle breakout price objective. The 0.001x3 point and figure chart also contains an upside target of 1.1110 ( a new high), whilst the 0.0005x3 chart has just met its target at 1.0890. After the rally completes it is likely there may be a further decline because of the relative steepness of the fall when compared to the less acute angle of the bounce.



Forex | Foreign Exchange
Analysis by: Joaquin Monfort
Forex4you analyst


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