AUD/USD Forecast March 12, 2013, Technical Analysis

The AUD/USD pair had a strong showing on Monday, as the 1.02 level offered support yet again. It appears that we are trying to form a little bit of a base at this point in time, and as a result we do want to be on the long side of this market. However, at this current level there should be a significant amount resistance which of course would make this difficult to buy. On a short-term pullback, perhaps on the hourly chart, if we see a little bit of support at lower levels, we are more than willing to start buying the Australian dollar again. Alternately, we think this market is heading to the 1.04 level over the next couple of weeks.



Written by FX Empire