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Forex4you Technical Analysis 01 April 2011

Apr. 01, 2011 9:21 AM ET
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EUR/USD: Technical Analysis

The EUR/USD pair has pulled back to 1.4150 but it will probably resume its rally to the current upside target of 1.4280. This corresponds with the major highs achieved in November ’10. A break lower, however could bring into play the downside target of 1.4080 on the 3 x 0.0005 chart, but the overall thrust is still bullish.

AUD/USD: Technical Analysis

AUD/USD has rallied strongly but now there are signs of weakness. It has touched the upper channel line from the Jan lows and there has been a bearish demark sell signal on the daily chart. It is possible there may be a correction now back to support at around 1.0250 before the rally resumes. The 3 x 0.001 P&F chart gives a possible eventual upside target of 1.0510, whilst the 3 x 0.0005 is giving a downside count of 1.0210, which supports short term weakness.

Analysis by: Joaquin Monfort
                     Forex4you analyst

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