AUD/USD fell during the week, but only slightly. We currently hover just below the 1.04 level, an area that is a bit of a full grown before the recent
AUD/USD fell during the week, but only slightly. We currently hover just below the 1.04 level, an area that is a bit of a full grown before the recent consolidation over the last seven months or so. We still think that a break above the 1.04 level is a decent buy signal, and would see this market reaching towards 1.06 handle. Alternately, if we managed to break down below the 1.03 level we figure that this market could make an attempt to go back down to 1.02. Over the long run, we think this market still has an upward bias, but looks perfectly happy to bang around in this recent consolidation area.
AUD/USD forecast for the week of December 31, 2012, Technical Analysis
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.
