Sponsors

AUD/USD Forecast May 20, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Friday, 20 May 2016 05:47 UTC
The AUD/USD pair initially fell during the course of the day on Thursday but found enough support below the 0.72 level to turn things around and form a hammer. The hammer of course is a very positive sign, but there is a significant amount of bearish pressure in this market that keeps us from buying. In fact, the 0.73 level will be resistive, just as the 200 day exponential moving average above it will be. We are going to either sell on exhaustive candle after a bounce, or sell a break down below the bottom of a hammer.

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.