Special Focus On AUDUSD 18 11 11

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AUDUSD: Bearish price extension saw AUDUSD closing lower for a third consecutive week on Friday and paving the way for additional weakness in the new week.

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1 Saturday, 02th of Nov, 2011 SPECIAL FOCUS AUDUSDP\ AUDUSD: Extends Bearishness, Sets Up For Further Weakness With Eyes On 0.9865. AUDUSD : Bearish price extension saw AUDUSD closing lower for a third consecutive week on Friday and paving the way for additional weakness in the new week. This development leaves the pair targeting the 0.9865 level, representing its Oct 12’2011 low on further bearishness with a violation of there turning risk towards the 0.9752 level, its Oct 10’2011 low. The pair’s third week of decline is coming on the back of continued downside weakness triggered from the 1.0749 level in late Oct’2011. Its weekly RSI is bearish and pointing lower suggesting further declines. On the other hand, AUDUSD will have to break and hold above the 1.0312 and the 1.0441 levels to reduce its downside pressure and then aim at the 1.0569 level, its Oct 31 high. A breach of here will turn focus to the 1.0749 level, its Oct 27’2011 high. All in all, the pair remains weak and vulnerable to the downside in the short term on further declines. To read the full version of this 7 model currency analysis click here FXT Technical Strategist Plus FXTechstrategy Team info@fxtechstrategy.com www.FXTechstrategy.com The Ultimate Technical Research On Forex

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