AUD/USD Forecast December 31, 2012, Technical Analysis

The AUD/USD pair rallied during the session on Friday, but failed to break above the 1.04 level again. This area has been significant resistance previously, and support as well. This area continues to hold the market down, but if we managed to see a daily close above that we would be more than willing to start buying. As far as selling is concerned, we would need to break down below the 1.03 level, and at this point time we feel that there is far too much support in the general vicinity to make that a comfortable trade.