AUD/USD bounced on Thursday as the “risk on” trade came back into vogue. The market is very schizophrenic in its behavior lately, so this bounce isn’t a
AUD/USD bounced on Thursday as the “risk on” trade came back into vogue. The market is very schizophrenic in its behavior lately, so this bounce isn’t a surprise anymore. The pair originally tried to fall, but the parity level came into play as support in low volume trading. As a result, we think that the upward momentum will be hard to sustain though, as the 1.02 level continues to be resistance. We expect choppy sideways trading and are perfectly happy being flat in this market.
AUD/USD Forecast December 30, 2011, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
