AUD/USD Forecast January 29, 2012, Technical Analysis

The AUD/USD pair fell during most of the Monday session, but found enough support at the 1.04 region that we bounced hard enough to form a hammer. This hammer suggests that we are bound to take another leg higher and make a serious crack at the 1.06 resistance area. If we can break above the highest from the Monday session, this is our signal to start buying the Australian dollar as we continue at the very least to consolidate. Because of this, we do feel strongly that this is a “buy only” type of market, and as a result will be selling this pair when it falls.

 

AUD/USD Forecast January 29, 2012, Technical Analysis

Written by FX Empire