AUD/USD Forecast May 23, 2013, Technical Analysis

The AUD/USD pair fell during the session on Wednesday as the market found the 0.9650 support level. This area is a significant support level on the longer-term charts as well, so the bounce of course would not have been a big surprise. The real question now will be whether or not we can break down below this support level in order to continue the move lower. Quite frankly, we feel that selling rallies will be the safest way to play this market, but would also sell a daily close below this area.

 

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Written by FX Empire