AUD/USD Forecast May 7, 2012, Technical Analysis

The AUD/USD pair fell hard for the Friday session as the “risk off” mode took over again. The pair broken through the 1.02 level, and we feel that the bearish flag we suspected as being formed is broken. The parity level below should be support, but at the end of the day it is very possible we fall much lower. Until we get to the parity level though, there is no way to know how the markets will react. None the less, we are selling this pair now on a fresh break of the Friday lows.

AUD/USD Forecast May 7, 2012, Technical Analysis

Written by FX Empire