FX.co ★ AUD/USD Noughs and Crosses analysis for November 8, 2011

AUD/USD went up to 1.037 after approaching the bullish support level 1.028.

Since the pair is in Triangle formation, two variations of further events are possible:

1) Upside movement of the pair with a target to pass the resistance level 1.043 and a move to 1.049.
2) Downside movement of the pair, break of the support level 1.028 and a move to 1.022.

Main upside trend line is located at the 1.034 level.

Support levels: 1.028

Resistance levels: 1.043