AUD/USD Forecast April 5, 2013, Technical Analysis

The AUD/USD pair went back and forth during the session on Thursday, initially rising, only to turn around and triggered the sell orders that would’ve been at the bottom of the Wednesday shooting star. We did find support at the 1.04 level like we expected, and as a result we bounced back up to close above that handle. The candle is very neutral, and spans the entire consolidation area that we suggested was forming. In order to go long, we want to see a move above the 1.05 handle, which we think opens the door to the 1.06 handle. We have no interest in shorting at the moment.



Written by FX Empire