AUD/USD Forecast August 9, 2012, Technical Analysis

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The AUD/USD pair managed to bounce during the Wednesday session, even with an employment number coming out this morning. Normally markets will be risk averse in these situations, but the belief that the Federal Reserve is about to begin easing again more than likely will continue to push this pair higher.

It should be said that we are currently at the top of a channel, and as such a little bit of weakness could be expected. However, with the action on Wednesday it almost appears as if we are trying to break out to the upside in an increase in upward momentum. Because of this, a break above the Tuesday shooting star should be a buy signal as we could see the market really take off for the short term. Otherwise, a pullback is very feasible, and it would in fact be welcomed as well. We would be buying supportive candles until we break below the bottom of this channel which looks relatively concrete at this point in time.

AUD/USD Forecast August 9, 2012, Technical Analysis

AUD/USD Forecast August 9, 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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