AUD/USD Forecast February 28, 2013, Technical Analysis

The AUD/USD pair fell for the session on Wednesday, breaking down below the 1.02 level. However, you can see that the market bounced a bit, and has formed a hammer for the session. On a break of the highs of the hammer, this is a classic technical analysis signal to start buying as it is the support area of a larger consolidation area extending all the way to the 1.06 handle. We think it will be a rough ride, but if we can get above the highest for the session, we would be buying the Australian dollar at that point.



Written by FX Empire