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AUD/USD Forecast August 10, 2015, Technical Analysis

By:
Christopher Lewis
Updated: Aug 8, 2015, 06:20 UTC

The AUD/USD pair initially pulled back during the course of the session on Friday but then shot higher towards the 0.74 handle. By forming this hammer,

AUD/USD Forecast August 10, 2015, Technical Analysis

The AUD/USD pair initially pulled back during the course of the session on Friday but then shot higher towards the 0.74 handle. By forming this hammer, and looks as if the market is ready to continue going higher, but the 0.75 level above should be massively resistive. At this point in time we are simply waiting for some type of resistant candle above in order to start selling again. We have no interest in buying the Australian dollar at all, as it is so highly beholden to Asian demand for commodities. With this, we remain bearish but patient.

 

AUD/USD Forecast August 10, 2015, Technical Analysis
AUD/USD Forecast August 10, 2015, Technical Analysis

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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