Integrity FX Technical Outlook 4-20-10

Selected Excerpt:

AUDUSD is at the top of a very loose channel that has developed on the four hour chart. It is very possible that the price could break near the top at its current position, but there is a chance that the price will head back towards the bottom of the channel before coming back up to break the top.

If the channel is broken near the current price of 0.9315, look for a move up to the light resistance at 0.9360. This level will probably be broken easily, so watch for a move past 0.9360 up towards 0.9475. The trend might stop at this level, so watch out for consolidation at this point.

If the channel doesn’t break immediately, and the price bounces back towards the bottom, watch out for some support points at 0.9235 and 0.7170 if trading the bounce off the top. After a possible bounce at the bottom around 0.9115, look for the price to head back towards the top and break around the SR zone near 0.9235. After the break, follow the directions given above for an immediate break.

For the full article, please view the PDF here.

For the free PDF reader, click here.

The technical levels used in the “Technical Levels” section of this report were generated using the Integrity FX Support and Resistance calculator. To download this calculator in Microsoft Excel format, please click here.