AUD/USD Forecast April 27, 2012, Technical Analysis

 

The AUD/USD pair rose on Thursday in order to reach the 200 day exponential moving average. The indicator is often used by trend traders, and as such will often act as dynamic support and resistance. Because of this, we are weary of buying at this point, but certainly aren’t ready to sell as the pair looks to be trying to form a base off of 50% Fibonacci level. The pair looks stronger recently, but we are going to wait until we close at or above 1.0450 in order to buy as it would show that the pair has cleared a few hurdles. With that being said, we don’t sell the Aussie at the moment regardless. We are waiting to go long, and will once the conditions are met.

AUD/USD Forecast April 27, 2012, Technical Analysis
AUD/USD Forecast April 27, 2012, Technical Analysis

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