AUD/USD Technical Analysis September 22, 2011

The AUD/USD pair fell hard on Wednesday as the Fed’s underwhelming assessment of the global economy spooked the markets. With the Aussie being so sensitive to market sentiment and global risk taking – it naturally fell. More importantly is the fact that we are now approaching the parity level. If this level gives, the AUD/USD could suddenly turn very bearish as the world’s economy falters. Because of this we are going to wait to see if we get a daily close under this market. The last time we were here – it bounced, but it didn’t bounce as high. If we get that sub-parity close we are selling and selling aggressively.

Written by FX Empire