AUD/USD Technical Analysis August 10, 2011

The AUD/USD pair had a wild day on Tuesday as traders first sold off the Aussie, and then returned to buy it up later in the session. The pair even went slightly below parity for a while during the Asian session, but popped back up as the markets began to rebound. By the time it was said and done, the pair travelled in a 500 pip range. The pair is heading right into the 1.05 area, which could be very resistive. We are happy to simply watch and wait until the pair decides this next hurdle before we get involved as the move has been far too volatile for safe trading.

Written by FX Empire