AUD/USD Forecast July 29, 2013, Technical Analysis

The AUD/USD pair rose during the session on Friday, but as you can see remains below the 0.93 handle. It isn’t that level that we think resistance sits and that is exactly what’s keeping the market depressed at the moment. However, above that level is a significant resistance area in the form of the 0.95 handle, so we are essentially looking for an opportunity to sell this pair, and not buy it. In fact, we are not buying the Australian dollar until it goes above the 0.97 handle, something that does not look very likely anytime soon. That being the case, we are simply looking for selling opportunities going forward as they match up with the massive selloff that we have seen.



Written by FX Empire