AUD/USD Forecast August 22, 2012, Technical Analysis

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The AUD/USD pair had a bullish session during the Tuesday trading hours, but did manage to fail at the 1.05 level again. This is odd as it was an area that caused massive resistance almost 3 weeks ago. This certainly looks like a market that is trying to find the bottom of the up trending channel, and suddenly looks a bit on the vulnerable side. As its cousin the Kiwi dollar acted the same way, we are a bit confused, and certainly more than a bit cautious.

Because of the actions, we are choosing to stay out of this marketplace at this moment in time. The fact that the Australian dollar, New Zealand dollar, and Canadian dollar all sold off while the Euro seem to gain was a bit of a divergence from normal activity. This being said, something doesn’t look quite right and when that happens – it is best to leave it alone.

AUD/USD Forecast August 22, 2012, Technical Analysis

AUD/USD Forecast August 22, 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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