AUD/USD Forecast March 18, 2013, Technical Analysis

The AUD/USD pair rose during the Friday session and broke above the 1.04 level in order to break into the resistance area above. We think this market is bullish again, but we need to see some type of pullback now that we are slamming into the resistance area. This resistance area could cause a pullback, and we would be more than happy to buy the first supporting candle below. We think eventually this market will attempt to get to the 1.06 level, and as a result are very bullish of the Aussie dollar. This is simply a return to the top of this consolidation area, and as a result we think this market has a bit of room to run.



Written by FX Empire