AUD/USD Forecast July 12, 2013, Technical Analysis

The AUD/USD pair found itself grinding back and forth during the balance of the Thursday session, but as you can see the 0.93 level has offered a bit too much resistance yet again, and as a result we fell back down towards the end of the day. Nonetheless, this is a relatively neutral and nine candle when looked at upon the overall balance of the market and we think that downtrend is still intact by all means. However, we are perfectly willing to let this market bounce a little bit as the US dollar is been pummeled so heartily. That being the case, we need a better resistive candle to start selling, or some type of move below the 0.90 handle, which of course would be significant as well.



Written by FX Empire