AUD/USD Forecast August 23, 2012, Technical Analysis

The AUD/USD pair had a fairly bullish session on Wednesday, but did fail to close above the 1.05 level. This level continues to force the pair lower, but there is an up trending line that is below current levels. In fact, we have been in an ascending channel for some time now, and this of course looks very bullish for the Australian dollar overall.

Looking forward, we need to have a nice daily close above 1.05 in order to be confident of owning the Australian dollar. In fact, that will be our signal even though we think in the long run this pair should be higher. Until then though, there is simply far too much noise to get involved.

Written by FX Empire