AUD/USD Forecast November 14, 2012, Technical Analysis

The AUD/USD pair fell during the session on Tuesday as we retested the 1.04 level for support. It did hold, and we bounced in order to form a hammer. However, we are still below the Wednesday shooting star that defined resistance for us. We look at this candle as a sign that we are trying to press higher, but recognize the fact that there is quite a bit of pushback from the sellers just above. With this being the case, and the headline risks out there being numerous, we are not overly keen to buy the Australian dollar presently. However, if we managed to break down below the 1.0380 level, we would be more than willing to start selling aggressively.

 

AUD/USD Forecast November 14, 2012, Technical Analysis

Written by FX Empire