AUD/USD Forecast October 2, 2012, Technical Analysis

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AUD/USD rose during the session on Monday, but gave up most of the gains and formed a shooting star just above the 1.0350 level. The 1.30 level looks to be massively supportive, and as such we are not willing to sell this market at this point in time.

We also know that the Reserve Bank of Australia is expected to cut rates a couple of times this year, and as such the Aussie dollar may continue to be soft going forward. In fact, we actually prefer the New Zealand dollar over the Australian dollar as it seems to have less hindrance. Nonetheless, we do see 1.03 as a significant support level and will not be bothered with this pair until we see some type of supportive candle in that general area.

 

AUD/USD Forecast October 2, 2012, Technical Analysis

AUD/USD Forecast October 2, 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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