AUD/USD Forecast August 8, 2013, Technical Analysis

The AUD/USD pair fell during the session on Wednesday, but as you can see bounced enough to go back to the 0.90 handle. The resulting hammer suggests that the market is going to go higher from here, but we see quite a bit of resistance all the way to the 0.93 handle, meaning that there is more than likely going to be a resistive candle in order to start selling. If that’s the case, we are simply waiting for that and looking to sell at a higher level as it gives us a chance to pick up momentum to start falling to the downside. As far as buying is concerned, we need to see a daily close above the 0.93 level in order to consider it.



Written by FX Empire