AUD/USD Forecast July 5, 2012, Technical Analysis

The AUD/USD pair fell during the session after initially surging higher. The reversal of this action formed a shooting star, which is a bearish sign. The fact that it is at 1.03 also would concern the bullish traders, but the fact is that Wednesday was a low-volume day, and it was more than likely people covering their positions before the slew of announcements over the next couple of sessions.

As long as is pair is above the parity level, we are going shortage is simply because of the overall strength that we’ve seen by the Australian dollar since late May. With this being said, we believe that supportive candles below current prices are invitations to buy yet again.

AUD/USD Forecast July 5, 2012, Technical Analysis

Written by FX Empire