AUD/USD Forecast August 13, 2012, Technical Analysis

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The AUD/USD pair fell for much of the session on Friday only to bounce back off of the 1.05 level and form a hammer. This shows continued resilience on the part of the Australian dollar, and as such we think that the upside is where we’re going next. A break above the Thursday highs would smash all resistance and lead us to the 1.08 level. The right might be bumpy, but that’s where we think we’re going.

As for selling, we think that any fall in this pair will more than likely find support at the bottom of the up trending channel that we’ve been crawling over the last couple months. In fact, we are not selling until we break below the 1.03 level.

AUD/USD Forecast August 13, 2012, Technical Analysis

AUD/USD Forecast August 13, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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