AUD/USD Forecast Nov. 9th, 2011, Technical Analysis

AUD/USD fell again on the session for Tuesday, but bounced again in order to form a hammer at the end of the day. The pair looks like it is trying to find real support at the 1.03 level, but the 1.05 area is just above and locks formidable. With this in mind, we can’t buy this pair now, as the move could be limited.

Until we get a solid daily close over the 1.05 level, we will not buy this pair and are willing to pass the trade up. A break of the lows on Monday and Tuesday would also signal a move to the downside. With these two triggers in place, we know under which parameters we are willing to be in this market from.

Written by FX Empire