AUD/USD Forecast November 5, 2012, Technical Analysis

The AUD/USD pair fell significantly during the session on Friday as the 1.04 level continues offer massive resistance. The market looks like it’s ready to head back towards the 1.02 level, and a break below the Friday lows would have us start selling again. The Australian dollar is obviously levered to the risk appetite of the world, and it appears that we are starting to see a bit of a pullback as far as risky investing is concerned. Alternately, if we broke above the top of Thursday and Fridays highs, we would be long and aim for the 1.06 level. However, we believe that a fall is more likely.

 

Written by FX Empire