Mon, 20 Dec 2010 04:52:00 +0100

Forex: AUD/USD oscillates on narrow margin

FXstreet.com (Barcelona) - The Australian Dollar stays put, showing no much alterations on its value despite the strength resumption on the USD, favoured by the Geo-political repercussions of the conflict between both Koreas.

After an opening at 0.9885, the upside was limited by 0.9900, while the pair could not descend further than 0.9865. Current price is 0.9875.

On hi technical analysis, Franco Shao, Currency Strategist at ForexCycle.com said: “AUDUSD trades in the bottom of the price channel on 4-hour chart. A clear break below the channel bottom line will indicate that the uptrend from 0.9537 had completed at 1.0027 already, then the following downward move could bring price to 0.9600-0.9650 area.”

He also added: “However, as long as the channel support holds, one more rise towards 1.0182 previous high is still possible, and a break above 0.9950 could signal resumption of uptrend”.

Technical Analysis (2010-12-20 03:45 GMT)
AUD/USD 0.9867/0.987 - O: 1.0006 H: 1.0014 L: 1.0004 C: 1.001
Trend	R3: 0.9921
	R2: 0.9897
	R1: 0.9872
	S1: 0.9817
	S2: 0.9841
	S3: 0.9866