AUD/USD Forecast October 16, 2013, Technical Analysis

AUD/USD rose during the session on Tuesday, but fell back down in order to form a perfect shooting star. This shooting star is sitting right around the 0.95 handle, so there is a real chance that we get a little bit of a breakdown from here. Nonetheless, we think that this is essentially a candle that could cause a lot of problems for traders. Although it is technically a sell signal, what we would be even more interested in is a break of the top of the shooting star, as it would show that the markets ready to circling higher. Otherwise, we are looking for supportive candle below in order to get involved.

AUD/USD Forecast October 16, 2013, Technical Analysis

Written by FX Empire