AUD/USD Technical Analysis September 14, 2011

The AUD/USD pair had a whipsaw kind of day on Tuesday as traders simply didn’t know which direction to trade most of the world’s markets. The pair is a proxy for risk, so this isn’t a surprise. The pair currently sits on top of some massive consolidation, so a bounce isn’t out of the question at this point. However, we feel any bounces are going to be opportunities to sell the pair again. The breaking of parity makes any short position a long-term one. We won’t buy the AUD until the markets in general calm down.

Written by FX Empire