Forex Technical Update

Previous: AUD/USD Continues to Knock at Resistance Around 1.04 (11/1)

AUD/USD 1H Chart 11/2/2012 9:30AM EDT

NFP and trendline: This is just a follow up with the recent updates on AUD/USD monitoring its attack at resistance in the 1.0390-1.0410 zone. Before the NFP, there was a crack to the upside, but it retreated ahead of the key release down to a rising trendline seen in the 1H AUD/USD chart. After the better-than-expected data (171K vs. 123K forecast), the pair briefly fell below the trendline, but quickly bounced up to the 1.04 area again. With the focus back here, will the market finally break out to the upside for next week?

Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.