AUD/USD Forecast for the Week of April 30, 2012, Technical Analysis

The AUD/USD pair originally fell for the week, but the 50% Fibonacci retracement level acted as support again to send this pair much higher. The resulting candle was a hammer and this pair now looks set to breakout to the upside. As a result, we are willing to buy on a break higher. However, it should be noted that there is a rate decision in Australia on Monday, so that will have to be considered, although we still like buying at this point. Selling isn’t a thought as there are simply too many support areas below. 

AUD/USD Forecast for the Week of April 30, 2012, Technical Analysis
AUD/USD Forecast for the Week of April 30, 2012, Technical Analysis

One thought on “AUD/USD Forecast for the Week of April 30, 2012, Technical Analysis”

  1. there was a hammer weeks ago as well, However, prices started to go down after that candlestick. So i expect it go down.

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