Sponsors

AUD/USD Forecast August 23, 2012, Technical Analysis

Daily Forex Reports | by FX Empire | Thursday, 23 August 2012 06:14 UTC

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

Recommended Forex Trading Platforms

Forex Trading We know that the right opportunity can happen at anytime, anywhere. Saxo Capital Markets is committed to giving you a suite of platforms that will enable you to access your account and trade the markets whenever and wherever you want.

Sponsors

Subscribe to Newsletter

To receive alerts by email when Free Forex Analysis are updated. Enter your email address below.