AUD/USD Forecast October 23, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
Font Size
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The AUD/USD pair bounced off the 1.03 level in order to form a hammer by the end of the session on Monday, which of course is rather supportive. What have to wait and see, but it looks like we are about to enter another bullish phase as the 1.04 level will be targeted. On a break of the top of Monday's highs, this is a classic technical analysis signal to start buying. However, we think that the shooting star 1.04 lends itself to be rather resistive and ominous for the buyers. In general, we feel that the bullishness could continue, but this will certainly be a serious fight.


Want to read more articles like this one?

Get the latest fundamental analysis, technical analyses and the most up-to-date news catered to your interests, everyday.

* Please enter a valid email

Activation link was sent

An activation link has been sent to your E-mail.
You will start getting emails only after activating your account.

Find a Broker
Continue to FX Empire Network