AUD/USD Forecast April 26, 2012, Technical Analysis

 

The AUD/USD pair rose during the session on Wednesday as the markets priced in more “risk on” to the global trade. The pair had formed a hammer on Tuesday, and we suggested that the pair could be ready to make a move higher. However, we also warned that the 200 day exponential moving average is just above, and floating around the 1.04 level. It should also be noted that there is an expectation that the Reserve Bank of Australia is getting ready to cut rate in the summer, and this would weigh on the Aussie on the whole. However, if we get that bounce to a daily close above the 200 day EMA – we are buyers. We don’t sell at the moment, as we see too many potential support levels below. 

AUD/USD Forecast April 26, 2012, Technical Analysis
AUD/USD Forecast April 26, 2012, Technical Analysis

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