AUD/USD Forecast April 10, 2012, Technical Analysis

The AUD/USD pair fell for some of the session on Monday, but managed a bounce to form a doji. The pair has bounced at the 50% Fibonacci level, and it looks as if the buyers are starting to reenter the market. The pair was also at the bottom of a down trending channel, so it looks as if we are going to have a bounce, but the trend is still weak. 

In order to go long, we need to see the top of the Monday session candle broken, but we would only consider it a short-term trade at this point. The 200 day EMA is well above, and the pair looks vulnerable at the moment. In order to go long for a longer-term trade, we need to see the pair close above the top of the channel. Selling is difficult as there are many different minor support levels below. 

AUD/USD Forecast April 10, 2012, Technical Analysis
AUD/USD Forecast April 10, 2012, Technical Analysis

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