AUD/USD Forecast March 29, 2013, Technical Analysis

The AUD/USD pair fell during the session on Thursday, slamming into the 1.04 level. However, you can see that that level held as support, as we thought it might. This is a perfect place to see supportive action, as we think it signals that the Australian dollar should continue higher. On signs of supportive candles, even on short term charts, we are more than willing to start buying at this area as we believe this market will eventually try to reach the 1.06 handle again. Is above that level that we begin to think more along the lines of buy-and-hold, as we should see a move to 1.10 before the move is all said and done. As for selling, we would need to get well below the 1.0340 level in order to consider it.



Written by FX Empire