AUD/USD Forecast August 31, 2012, Technical Analysis

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The AUD/USD pair fell below the 1.03 level on Thursday, to signify further weakness. However, this area does look very supportive and the fact that we bounce slightly towards the end of the session should be no surprise. This pair will be moved upon the release of the speech and comments by the Federal Reserve Chairman later today in Wyoming, and as such we should see some kind of reaction after the comments are released.

If we manage to break the lows from the Thursday session, we feel that this market goes much lower – possibly even as low as parity. However, if we can negate and reverse the losses from the Thursday session, we think we will retest the 1.05 level.

 

AUD/USD Forecast August 31, 2012, Technical Analysis

AUD/USD Forecast August 31, 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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