AUD/USD Technical Analysis July 28, 2011

The AUD/USD fell hard in the American session after originally rising during the Asian session. The pair is sitting over the 1.10 level, and even formed a hammer on the 4 hour chart at that level. This of course is positive, but the markets are far too skittish for us to play games with it. We only buy the Aussie, and as such – we are looking for pullback to get involved. If 1.10 holds, we like going long. If not, we like looking around the 1.08 area.

Written by FX Empire