FX.co ★ AUD/USD Noughs and Crosses analysis for November 29, 2011

After breaking the 0.977 resistance the AUD/USD pair moved upwards. Buyers managed to take the pair up to the strong resistance level 0.998.

Today we should expect the pair to correct to 0.986 where it is supposed to resume upside movement. Its target might be located at 1.001 resistance level.

In case the pair cannot break the downside trendline 0.995 after the correction to 0.986, the downside movement will be continued to the support level at 0.986.

The price is still in the downtrend.

Support levels: 0.986

Resistance levels: 0.995; 0.998