AUD/USD Forecast April 16, 2013, Technical Analysis

The AUD/USD pair fell drastically during the Monday session as the pair cleared two handles at one point. We are now well below the 1.04 handle, and have actually broken below 1.03 at one point during the session. It has to be said that weakness will more than likely continue based upon the length of this candle, but whether or not we can break down the 1.02 handle is a completely different question. At this point in time, we are still well within the consolidation area that we have seen for so long, and as a result still see this market as a buy somewhere near the 1.02 level, and a sell near the 1.06 level.



Written by FX Empire