AUD/USD Forecast March 7, 2013, Technical Analysis

During the Wednesday session, the AUD/USD pair completely reversed what was once very bullish momentum, and now has to be looked at with suspicion. This market had bounced off of a very significant looking hammer at the 1.02 handle, which look like a return to the overall consolidation area. However, after originally gaining during the Wednesday session, the momentum was completely reversed in the market is closing at the very lows of the day. With that being the case, it’s difficult to start selling since we are simply 25 pips above the 1.02 level, but it has to be said that this market looks extraordinarily weak at this point. We are flat of the Australian dollar currently, but aware of the fact that the 1.02 level continues to be very important.



Written by FX Empire