FX.co ★ AUD/USD Noughs and Crosses analysis for November 3, 2011

The AUD/USD is continuing with the downside movement in spite of the break of the resistance level 1.037.

At the moment the downside movement is expected to the support level 1.022 where it is supposed to correct up to the resistance 1.031-1.031. After this the downside movement is expected to resume up to 1.016.

Alternative option: break of the resistance level 1.040 will get the pair into the triangle formation (uncertainty); it is not recommended to enter the market.

Support levels: 1.022

Resistance levels: 1.040