AUD/USD Forecast April 23, 2012, Technical Analysis

The AUD/USD pair continued to move sideways for the session, sitting just below the 200 day EMA. The pair looks as if it is trying to form some kind of base, but the 1.04 level is going to be vital for this market to continue higher. The pair looks a bit supported at this point, and as a result we like the long side, but need to see a daily close above the 200 EMA first. Until then, we are very cautious as we feel that we are at a bit of a crossroads currently.

Written by FX Empire