FX.co ★ The market manipulations analysis of the AUD/USD by Alexey Portnov for 26.10.2010

Against the background of the positive statistics, the Australian dollar has reached new local highs. However, after Bernanke speech the Australian dollar and other correlative currencies started to decline, testifying about the QE2. Presently, the Australian dollar tests the early resistance levels. I expect that the test will fail; the price will fixate below 0.9860. Until the uprising tendency prevails, my forecasts will come true only after the fixation below 0.9860 and breakthrough of the channel. The continuation of the trend is expectable.
Trading recommendations:
- To sell after support level is broken through.