AUD/USD Forecast November 22, 2012, Technical Analysis

The AUD/USD pair fell during the session on Wednesday as we continue to hover just below the 1.04 level. We see this area as significant resistance, and as such think that this pair will struggle to go higher. However, we do have a hammer that was formed a few sessions ago at the 1.03 level, and we believe this is support. Simply put, this pair is going to tread water in a very tight range over the next couple of sessions in our opinion. If we managed to break down below the 1.03 level however, we think this would signal that the 102 level will finally give way to the sellers, and could perhaps begin a much stronger move to the downside. Alternately, if we get above the 105 level, we think the 106 level will be hit in short order.

 

Written by FX Empire