AUD/USD Forecast June 11, 2013, Technical Analysis

The AUD/USD pair gapped lower during the session on Monday, but as you can see spent the rest of the day trying to retrace those losses. Look in this chart, the 0.9500 level of course was psychologically significant, but now that we have gapped lower we will look for shorter-term candles that show signs of weakness just under the 0.95 handle. If we get those, we would not hesitate to start selling the Australian dollar aggressively, as it appears ready to start falling again. We think this market eventually goes down to the 0.90 handle if we cannot get back above the 0.97 level, and that it will be one of the favorite shorts for hedge funds around the world.



Written by FX Empire