AUD/USD Forecast July 3, 2013, Technical Analysis

The AUD/USD pair fell hard during the session on Tuesday, as we continue to grind around just above the 0.9150 level. This area has been supportive recently, and as a result we feel that the market is trying to wind itself up for another leg down, probably heading to the 0.90 handle first. On the other hand, if we do manage to rally from this point in time, we are more than willing to sell closer to the 0.95 handle, which could be very significant resistance above. In fact, we have no case to start buying the Australian dollar until we get above the 0.98 handle.



Written by FX Empire