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Forex spread trading: Sell AUD USD PDF Print E-mail
Written by Will Peters   
Thursday, 12 August 2010 08:50

AUD USD and GBP USD pairs could be headed lower on a technical basis.


One of the biggest victims of renewed dollar strength has been the Australian Dollar. Delta Index are tipping it to head lower.

Those spread trading the forex markets over the past week will have noticed the Australian Dollar lost heavily against the US Dollar.

Delta Index, the forex spread trading providers, have today flagged up a bearish move on the AUD USD charts suggesting the Australian Dollar could be in line for further losses.

A MACD Crossover has prompted Delta to call a Sell on AUD USD at 1839, with a stop loss set at 1930 and an initial take profit target set at 1660.

Also in line for further losses is GBP USD.

The pair has formed a MACD Crossover in the wake of the recent losses, Delta have suggested forex spread betters sell GBP USD at 15663, setting a stop at 15974 and taking profit at 15053.

Wednesday saw declines in sterling courtesy of negative UK statistics from Tuesday evening.

In particular, the Nationwide consumer confidence for July dropped below its forecasts: 56 against forecasted level of 61.

The expectations of the Bank of England Quarterly Inflation report, which would be released later during the day, pressured the national currency as well. The BOE was supported to reduce its forecasts for the GB economic growth. 

As a result, the GBP USD pair showed minimums in the range of $1,5770.

Forex Metal traders, the online forex trading company have given the following technical guidelines on the pair:

GBP USD has reached  1.56722 and trying to roll back to 1.58543.

Resistance:  1.58543,  1.60322, 1.62050

Support:  1.56722, 1.54842, 1.52523
 

Risk Involved

Spread Betting and CFD trading carry a high level of risk to your capital and you can lose more than your initial deposit. These trading products may not be suitable for all investors so seek independent advice if necessary.

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