AUD/USD Forecast August 12, 2013, Technical Analysis

The AUD/USD pair rose during the session on Friday, heading towards the 0.93 handle. That being the case, we feel that this market will more than likely try and find resistance in that general vicinity. This area has been very resistive previously, so it’s interesting to see what happens here. Even though we been very bullish lately, it’s very difficult to go long of the Australian dollar at this point. It’s definitely easier to short on a resistive candle, but at the same time we simply have not had that happen. Ultimately though, we have to go the longer-term trend which seems to be down.



Written by FX Empire