AUD/USD forecast July 23, 2012, Technical Analysis

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The AUD/USD pair fell on Friday as the “risk off” trade came roaring back. The Aussie should continue to fall in the short term, but the 1.03 level below looks very supportive. It is because of this that we are currently flat in this pair, and willing to wait until the market comes back down to the 1.03 level to retest it for support. If we see a supportive candle in that area, we won’t hesitate to buy this pair at that point in time. If we manage to break below the 1.03 level, we think the pair will fall to the parity level.

AUD/USD forecast July 23, 2012, Technical Analysis

AUD/USD forecast July 23, 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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