AUD/USD Forecast March 1, 2013, Technical Analysis

The AUD/USD pair bounced off of the 1.02 support level on Thursday, reaching as higher as the 1.03 handle. The market then gave up the gains and headed lower. The resulting candle is a shooting star, and shows that we could see real weakness at this point. The market is supported down to the 1.0150 level, so a move below that sends the Aussie down to parity in our opinion. As for buying, the Aussie just isn’t acting quite right, and because of this we need to see much more in this market as far as supportive action.



Written by FX Empire