Forex4you Technical Analysis 08 April 2011

EUR/USD: Technical Analysis

The small and large box point and figure charts are bullish whilst the 3 x 0.0015 chart has exceeded its 1.4385 target. The 3 x 0.0005 chart is giving a target of 1.4455 whilst the larger 3 x 0.005 is giving 1.4550. It is likely that the exchange rate will continue rising, therefore, first to the lower target and then eventually to the 1.4550 level.

http://forex4you.ninjacdn.net/charts/EURUSD080411.png

AUD/USD: Technical Analysis

Whilst the long rally on AUD/USD looks overextended, and Elliot wave counts and point and figure counts are indicating the trend may be close to reaching a conclusion, there is no evidence from price itself that that this is the case, so the bullish trend remains intact. Short term, there is a target on the 3 x 0.0005 chart at 1.0550 and the upper channel of the recent move up at 1.0560, so it is possible that this level may provide the next target higher.

http://forex4you.ninjacdn.net/charts/AUDUSD080411.png

Analysis by: Joaquin Monfort
Forex4you analyst

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