AUD/USD Forecast February 20, 2012, Technical Analysis

AUD/USD fell after initially rising during the Friday session as the 1.08 level has held as resistance yet again. The level seems to be extremely durable, and one simply cannot help but feel that a pullback could be coming. The level could see continued weakness, but a longer-term fall isn’t in the cards until we get sub-1.04 at least.

The 1.05 level should also be supportive, and even the 1.06 could be. The levels are buying points on hammers and nice long green candles as well. We look at this potential fall as a buying opportunity more than a serious fall in the works. We are buying the pullbacks at handles that produce supportive candles.

AUD/USD Forecast February 20, 2012, Technical Analysis

Written by FX Empire