AUD/USD Forecast April 6, 2012, Technical Analysis

The AUD/USD pair rose during the Thursday session as the pair tested the 61.8% Fibonacci level. The shape of the daily candle was a doji, and this was formed after a hammer. The pair currently trades at the bottom of the descending channel, and as a result a bounce isn’t a major surprise. However, the 200 day EMA failed to hold, so we are a bit leery about getting involved to the upside at the moment. In fact, we think a pop will more than likely trigger selling in this pair, especially at the top of the channel. A break above the channel’s top would have us long as it shows real momentum to the upside. Until then, we are flat.

AUD USD Forecast April 6, 2012, Technical Analysis

Written by FX Empire