AUD/USD Forecast April 18, 2013, Technical Analysis

The AUD/USD pair fell during the session on Wednesday, breaking down below the 1.03 level yet again. However, unlike the last couple of sessions, this pair actually stayed below it. This of course is a very bearish sign, and we believe the 1.02 will be tested yet again. In the big scheme of things however, we are still well within the tolerances of the overall consolidation range, so having said that it is difficult to start shorting this pair. As for buying, it’s probably easier to simply wait into you see the market closer 1.02 in order to do so on signs of support.



Written by FX Empire