AUD/USD Forecast August 20, 2012, Technical Analysis

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The AUD/USD pair had a very significant fall during the Friday session as the 1.05 level gave way. This was a strikingly strong move, but it should be mentioned that we are approaching the uptrend line of the ascending channel that has been guiding this pair since early June. Because of this, we are not willing to sell, and have not been able to get our heads around selling until we get below the 1.03 level for some time. In fact, on some sign of supportive action at this price area, we are more than willing to go long based upon the tried and true strength of this channel. Otherwise, we will be very flat of this market.

AUD/USD Forecast August 20, 2012, Technical Analysis

AUD/USD Forecast August 20, 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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