AUD/USD Forecast August 27, 2012, Technical Analysis

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AUD/USD fell during the session on Friday in order to break through an uptrend line. The pair looks extremely vulnerable at this point in time, and in fact of the weekly chart even showed a shooting star. Because of this, we are suddenly looking at a break of the Friday lows as a signal from which to sell this market.

The 1.03 level will more than likely offer support, but we think that with the weakening it Chinese economic situation, this could be a serious move. Parity should be massive support though, and we think that this market could in fact aim for that level before it’s all said and done. As for buying, we are not interested in till we hit fresh highs is roughly at the 1.06 level.

AUD/USD Forecast August 27, 2012, Technical Analysis

AUD/USD Forecast August 27, 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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