AUD/USD Forecast July 18, 2012, Technical Analysis

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The AUD/USD pair shot straight up on the Tuesday session as traders began to speculate that easing out of both China and the United States could add more of a boost to the global economy. The fact is that the Federal Reserve Chairman didn’t fill in all the blanks during his congressional testimony during the session, and as such the markets are left to simply speculate.

The 1.0350 level represents to us the top of the resistance area in this pair, and if we get above that we believe that this pair will go much higher. At that point time we will be long of the Aussie dollar without a doubt, and aiming for at least 1.05 if not higher.

On the downside, we see a break of the Monday candle lows as a bearish sign that send this pair to 1.01, and in the parity level. Below parity this pair gets ugly quick.

AUD/USD Forecast July 18, 2012, Technical Analysis

AUD/USD Forecast July 18, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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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