The AUD/USD pair fell during the course of the day on Tuesday, showing the 0.88 level as being resistive. Because of this, we recognize that the sellers
The AUD/USD pair fell during the course of the day on Tuesday, showing the 0.88 level as being resistive. Because of this, we recognize that the sellers may step back in, and if we break down below the bottom of the candle for the session on Tuesday, we believe that the market then heads to the 0.8650 level as it was the most recent support area that the market tested. In fact, we believe that the market is simply consolidation with a fairly significant amount of bearish pressure, so therefore we like selling in this general area.
AUD/USD Forecast October 22, 2014, 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.
