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

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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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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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