AUD/USD Forecast September 7, 2012, Technical Analysis
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The AUD/USD pair rose rapidly during the session on Thursday as the ECB looks set to buy “unlimited” bonds out of their region. This of course should equate to further easing, and as such the gold market should get a bid again. This in turn should affect the value of the Australian dollar, and it looks like we have returned to the old correlations of gold in the Aussie dollar for the last 24 hours.
The 1.03 level still looks to be rather resistive to us, and until we can get above it on a daily close we wouldn’t buy this market. In fact, there is a four hour shooting star that has just formed based upon this resistance area. If we slip a bit lower, we should continue all the way down to parity. If we break above the 1.03 on a daily close however, we feel that 1.05 would be the next target.
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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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