AUD/USD forecast for the week of October 8, 2012, Technical Analysis
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The AUD/USD pair fell heavily during the previous week as the 1.02 level is now being tested. This area is a significant support and resistance level over the historical charts, and as such we think that this area will be difficult to break through. However, it does look very bearish at this moment in time, and we certainly aren’t comfortable going long. Because of this, we need to see a daily close well below the 1.0180 level in order to start selling, or a daily close well above the 1.02 level in order to start buying. We think that the downside is only going to run to the 0.97 level, and the upside only has room to run to about the 1.06 level.
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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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