AUD/USD Forecast August 20, 2012, Technical Analysis

posted
By FX Empire Analyst - Christopher Lewis
Print
Font Size
T
T
T
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

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

Find a Broker
Continue to FX Empire Network