AUD/USD Technical Analysis August 8, 2011

The AUD/USD had a fairly flat day in the markets as the day ended up almost unchanged on Friday. The low on Friday ended up being a fresh lower low, and that tells us that more than likely we will see lower prices in the future. The trading signal would be a break below the low on Friday. However, the highs being broken to the upside could send this pair upward for a bounce. That bounce would more than likely be sold by traders as the new low makes it obvious that the pair wants to fall over the long run.

Written by FX Empire