AUD/USD Forecast June 21, 2012, Technical Analysis

The AUD/USD pair rose slightly at the end of the session on Wednesday, to form a green doji. The candle suggests that we are looking for some kind of direction at the moment, and the 1.02 level above could be resistive as well. The doji can be used as a trigger though, and a sell on a break of the bottom, and a buy on the top of the range could be done. Clearly, the latest action has been strong, but there is always a risk of negative shocks to the system. Because of this, we think that the rally in this pair is living on borrowed time.