AUD/USD Technical Analysis October 10, 2011

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By FX Empire Analyst - Christopher Lewis
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AUD/USD rose on the session for Friday as the trading world celebrated the better than expected Non-Farm Payroll report out of America. However, the downgrade of both Spain and Italy later in the day put a damper on the rise in equity markets. With the Aussie being so risk-sensitive, this pair rose strongly, only to fall and form a massive shooting star right in the middle of a cluster of orders that are serving as resistance. The result is a bearish pattern that calls for selling on a break of the Friday lows. With the global economy on pins and needles, it isn’t hard to imagine bad news coming out and triggering the continuation of a down move in this pair.

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