AUD/USD Forecast February 18, 2013, Technical Analysis

The AUD/USD pair fell rather significantly during the session on Friday, plowing into the recent noisy area just below the 1.03 level. However, the 1.03 level did hold of support by the end of the session, and it now appears that this will more than likely present itself as a buying opportunity once we get some type of supportive candle. There is quite a bit of noise between here and 1.02, so we are willing to wait and see if we can get some type of supportive candle on either the daily or the four-hour chart in order to start buying again. Remember, the 1.02 level is the bottom of a larger consolidation pattern that runs all the way up to the 1.06 handle.



Written by FX Empire