AUD/USD Forecast May 1, 2014, Technical Analysis

The AUD/USD pair went back and forth on Wednesday, but proved the 0.9250 level to be supportive. With that being the case, we feel that the market will continue to go higher, and a break above the top of the range from the Wednesday session is reason enough to start going long and aiming for the 0.95 level ultimately. We need to break down below the 0.92 level in order to be convinced of selling, but even at that point in time we don’t think that the market will sell off to drastically, probably stopping somewhere near the 0.90 handle.