AUD/USD Forecast April 29, 2013, Technical Analysis

The AUD/USD pair tried to rally during the session on Friday, but as you can see had found far too much resistance at the 1.0340 level yet again. We have formed a shooting star in this general vicinity again, and it appears that there is a significant amount of downward pressure. However, just below we see some hammer as well and it suggests to us that this market is simply going to chop around in a very tight range. Because of that we are staying on the sidelines as we think this market is trying to form some type of base down here near the 1.02 level. Ultimately, we do think that this market goes higher, but recognize the fact that it will be a clean move and there will be better places to risk our money.



Written by FX Empire