AUD/USD Forecast January 9th, 2012, Technical Analysis

The AUD/USD pair fell on Friday as traders took a bit of risk off globally. The Dollar continues to get a bid in general, and this pair wasn’t much different. However, the 1.02 area below should offer at least some support as we grind down to it. The 1.03 level has proven resistive again, and overall this pair looks very range bound from the 0.99 level to the 1.03 area. With this in mind, we are willing to sell if we get closer to the 1.03 level again. The gap from November still hasn’t been filled – which of course is rare in Forex. With that in mind, we prefer short-term scalps on the sell side going forward that are based upon weak candles or a break of the 1.0150 level.

AUD/USD Forecast January 9th, 2012, Technical Analysis

Written by FX Empire