AUDUSD

Welcome to the brainyforex newsletter special commentary.

AUDUSD

Our forecast for the week ending 7 August informed us that the AUDUSD may experience weakness if it fell below the 0.8350 level along with US Dollar climbing over the natural square level of 79.00. This has taken place on Monday 11 August.

Even though we are in a bullish two day swing move. (One day swing is bearish). We can see the following price weakness as shown by the following arrows on the chart.

• White arrow shows break of vibration level to downside.
• Red arrow shows price moving under 7 day moving average.
• Green arrows shows price under prior day low and prior week low.

Refer chart below;

AUDUSD Daily Chart 11 August 2009.

As price is still in a bullish two day swing move, we will only attempt a short profit target to the natural square level of 0.8100. We entered a profit target of 0.8120. That is 20 pips above the NSQ level. We also follow down with a stop loss above the prior day high. (If price slows down we may use the previous two days high).

We shall see how it works out over the next few days.