AUD/USD Technical Analysis for May 12, 2011

The AUD/USD fell, and fell hard in Wednesday trading. Action like this is always very bearish, but it should be noted that a lot of things sold off – and not all of them correlated. In other words, there was a lot of forced selling by overleveraged hedge funds as oil sank. The 1.05 level should still be supportive. We look for supportive action in that area to buy again.

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