AUD/USD Forecast August 7, 2012, Technical Analysis

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The AUD/USD pair had a fairly neutral day on Monday as the 1.0550 level has pair under wraps. It’s an interesting spot for this to happen, as the neutral candle is forming just at the top of a couple of hammers from last week. This really makes us concerned about whether or not there is enough upward momentum to keep going in this pair.

However, it should be said that the upward momentum is with the Aussies at the moment, and although we’re the top of an ascending channel, we think that a pullback is simply an invitation to buy at lower levels. The 1.03 level looks especially interesting, as it is very supportive and of course the bottom of the channel does as well. If this pair broke lower, we would simply sit back and wait for support at one of the two areas in order to go long.

AUD/USD Forecast August 7, 2012, Technical Analysis

AUD/USD Forecast August 7, 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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