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The AUD/USD pair smashed through the bottom of the massive triangle it was bound in recently. This is a very bearish signal, and as such should be taken into account when looking at this pair.
The 0.98 area was an area that we were watching as potential support on a break down. This area has held, and has been supportive. Like we talked about before, until we break below 0.98 – the “all clear” sell signal isn’t in play yet. A break below is a sell, and probably a trend change down to 0.90 or farther. A nice bounce on this level shows us we are going to consolidate between the area and the 1.02 area.
More March 16, 2011 Analysis:
