AUD/USD Technical Analysis for July 29, 2011

The AUD/USD pulled back on Thursday as traders sold off risk assets. The markets concerns with the various debt issues around the world have lead to weakness in most stock exchanges, and as such – even the highly valued Aussie dollar has been victimized. However, as the 1.10 level has given way as support, we feel the next move is probably another retest of 1.08 which should provide an excellent entry point on a supportive candle to go long this pair.

Written by FX Empire