FX.co ★ AUD/USD Bullish Outlook, August 10, 2011 (Weekly Strategy)

AUD/USD

The Australian dollar – United States dollar is highly influenced by the fluctuations in the financial markets and so, yesterday's steep price increases did indeed cause the Australian dollar – United States dollar pair to shoot up by over 400 points in a single day of trading. the pair which created a pattern of Japanese investment,"BULLISH KEY REVERSAL" The pattern reflects the strength of buyers around the weekly pivot line serves as a strong support level.

It is estimated that Aussie will resume its upward movement towards the 1,0870 resistance level in regard to prognosis in the short to medium term.