AUD/USD Forecast March 11, 2013, Technical Analysis

The AUD/USD pair fell during the session on Friday, but found the 1.02 level as supportive. This area is vital for the strength of the Australian dollar to continue over the long run. The 1.02 level is the bottom of a much larger consolidation area that extends all the way to the 1.06 level. However, recently we’ve seen quite a bit of weakness in the Aussie dollar. If we can manage to form a supportive candle in this general vicinity though, we would be willing to go ahead and buy the Australian dollar as the risk reward ratio is so strong.



Written by FX Empire