AUD/USD Forecast July 30, 2012, Technical Analysis

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The AUD/USD pair rose during the session on speculation of further easing by the central banks from both Europe and the United States. The liquidity injection will more than likely drive commodity price higher, and as such should drive gold and the Aussie dollar higher. However, we see the area above as possible resistance because of both the top of the channel and the 1.05 level suggests that we could see a pullback. We would be buying that pullback on supportive action as we think the commodity currencies will continue to gain in the near term. 

AUD/USD Forecast July 30, 2012, Technical Analysis

AUD/USD Forecast July 30, 2012, Technical Analysis

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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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