AUD/USD Forecast February 23, 2012, Technical Analysis

AUD/USD fell on Wednesday as the risk appetite fell for the session. The pair has enjoyed a strong run up, and at this time looks like it could be taking a rest. The 1.08 level above still offers strong resistance, and the 1.06 level seems supportive although we did pierce the level earlier in the session. With this entire mind, a pullback could be coming, and we would welcome that as a buying opportunity. The 1.04 level is the breakout point that we need to see the market stay above to continue the run higher, and we will not sell until a sub-1.04 daily close is posted. 

AUD/USD Forecast February 23, 2012, Technical Analysis
AUD/USD Forecast February 23, 2012, Technical Analysis

Leave a Reply

Your email address will not be published. Required fields are marked *