AUD/USD Forecast Nov. 4th, 2011, Technical Analysis

AUD/USD had a strong day on Thursday as traders celebrated the cancelling of the Greek referendum. The risk trade came back, and as always – the Aussie benefits. The 1.05 level above is still a massive resistance area, and as such – we aren’t willing to buy yet. In fact, we think the 1.05 level a great barometer as to which direction we want to trade this pair, but only after the Friday close. The session could be very important for the near-term future of this pair. The G-20 meeting will also produce chances for fireworks as well, and as a result, we feel it is better to wait until Monday to take a trade.

Written by FX Empire