AUD/USD Continuation its Downward Trend , Janaury 25, 2011 (Daily Strategy)

AUD/USD

Since the beginning of October, the Australian dollar – United States dollar pair has entered a wide shuffle between the 1.02 highs and the 0.9600 lows. Since the pair is currently in the middle of the way after having descended from the shuffle belt's upper range, it is likely that it will continue its movement and complete the downwards movement all the way down to the lower range of the shuffle.

The brief rise of the last two days has created a good opportunity for a sell deal, especially due to the fact that the pair has returned to attempt an upwards breach of the trend line it broke last Friday. The near support level around 0.9900 will form a key point for partial realization of the position, while the strong support level at 0.9690 will serve as a key point for full realization.