Forex daily analysis: 01-11-2010

Daily graph:

The last 9 sessions shows a clear navigation of the pair. It is very simple to detect the difficulties of the pair the cross the support 1.0180.
In yesterday’s session, a vain breach occurred, indicating a future increase until the upper level of the navigation, creating the opportunity to go “Long” . An increasing configuration on one-hour graph should confirm that new trend.
Potential trade
One-Hour graph:

The required configuration should appear once the 1H resistance  of 1.0205 will be crossed upward. If it does, it could be better to catch the opportunity in the following way:
·        “Limit” order on “Long” position 10 pips above the resistance (1H r.) mentioned earlier, meaning:  1.0215.
·        “Stop Loss” on the last low occurred, which is: 1.0168. ·        “Take Profit” on the following resistance which is 1.0247.
AUD/USD Daily graph:

The actual navigation between 0.9973 (resistance) and 0.9661 (support) started about 3 weeks ago is not expected to stop. The pair is currently on his way to the upper level of the channel of navigation.
The way it will behave once the resistance reached will determine the best attitude as well as the adapted transaction. There are two possible outcomes:
1.      A vain breach on the resistance occurs. This is an indicator of reversing trend, meaning a future downtrend until the lower level of the navigation. An adapted transaction would be to go “Short” with the trend.
2.      The resistance is crossed and broken upward. In this case the current uptrend is expected to keep its current movement. We suggest waiting for a technical correction before going “Long”. This technical correction would confirm the new movement.
Keep following.
Have a profitable week!
Real-Forex team