The AUD/USD pair fell rather hard during the previous week as we crashed into the 1.04 level. This area has been support and resistance over the last
The AUD/USD pair fell rather hard during the previous week as we crashed into the 1.04 level. This area has been support and resistance over the last several months, and as a result we think that we will see some type of supportive action in this general vicinity.
We believe that the supportive action will more than likely show itself on the daily charts, and as such we may have to use that the take our cue to go long. The reason we suggest that it is a buy only pair at the moment is that there is so much support between 1.03 and 1.04 that it is more dangerous in our opinion to short this market than it is to go long.
AUD/USD forecast for the week of December 24, 2012, 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.
