AUD/USD Forecast February 15, 2013, Technical Analysis

The AUD/USD pair initially fell during the session on Thursday, but found enough buyers to bounce and form a hammer. This hammer is placed right above the 1.0350 level, and as a result looks like a market that is trying to find support to go higher. We expect that the 1.04 level will offer resistance, so a grind higher rather than a shot higher is expected. However, we feel that the Australian dollar will continue to gain against the US dollar as the Federal Reserve continues to print currency. With this being the case, we are willing to take a longer-term positions now, and most certainly willing to take on positions once we are closed above the 1.04 handle.



Written by FX Empire