AUD/USD Technical Analysis September 2, 2011

The AUD/USD pair rose on Thursday, and continues to impress in its ability to rise in the face of a “risk-off” environment. The Aussie is now becoming a bit of a safe haven play, albeit moderately so, but the Aussie is being bought by traders looking for strong and vibrant economies around the world. The 1.08 level is now the area to break above if we want to see continued upward pressure. The Non-Farm Payroll report will cause fireworks, and this pair could move rapidly as a result. All trades should wait until after 9 a.m. New York time, as this pair will more than likely be moving quite a bit. If we can get above 1.08 – we should go higher.

Written by FX Empire