AUD/USD Forecast for the week of August 13, 2012, Technical Analysis

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The Aussie has enjoyed massive strength over the last several months, and has even managed to break above the 1.05 level. The area was retested for support this previous week, and we now look set to continue higher. In fact, the 1.05 could be forming a floor in the market at the moment. The 1.08 level appears to be the next stop, and I think that a break above last week’s highs signals that move. The pair tends to extend itself greatly over time, and that is exactly what we are doing now. As for selling, I am not considering it until we are below the 1.03 level.

AUD/USD Forecast for the week of August 13, 2012, Technical Analysis

AUD/USD Forecast for the week of August 13, 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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