AUD/USD forecast for the week of October 22, 2012, Technical Analysis
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The AUD/USD pair rose during the week as we attempted to break through the 1.04 handle. However, we could do that and it now looks like the Australian dollar is threatened a bit as the risk off trade came wearing back into the Friday session.
As earnings season has been a disappointment on Wall Street, so has the efforts of the European Union and its finance ministers this week. We simply have no solution to the Spanish problem, and it will more than likely continue to weigh upon the risk appetite of traders in general. Because of this, we are bearish of the Australian dollar in feel that selling it is the way to go.
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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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