Analysis for August 24th, 2012
Once again Australian Dollar hasn’t been able to stay inside an “overbought zone” for a long time. Now the bears have to break the 6/8
level. If they succeed, the price will continue falling down towards the 4/8
The price is moving in the middle of the H1 chart. The Super Trends’ lines have formed “bearish cross”. We can’t exclude a possibility that the pair may break the 4/8
level during the day. If it happens, the price will continue falling down towards the 0/8
Yesterday the pair rebounded from the Super Trend’s line and started moving downwards. In the near term, we can expect the price may break local minimum. The closest target for the bears is the -2/8
level. If they break it, the lines at the chart will be redrawn.
At the H1 chart the pair is being corrected. If the price doesn’t reach and test the 2/8
level and the H4 Super Trend, the pair may continue moving downwards and reach the -2/8
one within the next several days.
The bears are trying to break the 5/8
level. Yesterday the Super Trends’ lines formed “bearish cross”. We can’t exclude a possibility that the price may continue moving downwards in the nearest future. The closest target is the 4/8
At the H1 chart we can see that the pair has rebounded from the 0/8
level for the second time in a row. Now the future situation depends on how the price will move near the H4 Super Trend’s line. If the market rebounds from the line, the price will start falling down again.