AUD/USD Forecast for the Week of May 14, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The AUD/USD pair fell hard for the week after failing to stay above the 1.02 level. The market looks extraordinarily weak at this point, and the fact that the concerns out of Europe are starting to really scare traders, the Aussie will suffer. This is simply a “risk off” trade in the end, and the Aussie will continue to suffer until the markets are calmed. The candle closed at the very lows, and looks like we are ready to continue to fall. If we break the lows, we will sell. As far as buying, we need to see a weekly close above the 1.02 level. 

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