AUD/USD Technical Analysis September 21, 2011

AUD/USD rose during the Tuesday session, but gave up a lot of its gains in the afternoon of the US session. The reports that the IMF, EU, and ECB (the “Troika”) are waiting until October to come to Athens and try to work out a deal has the markets spooked in late day trading, and as a result – the Aussie gets sold off. The pair looks weak, but we cannot sell for anything more than a scalp until the parity level gets violated on a daily close. The upside is there to 1.05, but it has been falling rather quickly every time it rallies, so because of this – we prefer to sell those rallies until we get above 1.05 or so.

Written by FX Empire