AUD/USD Forecast October 23, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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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.

 

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