AUD/USD Forecast for the Week of June 4, 2012, Technical Analysis

The AUD/USD pair fell during the week to break the bottom of the doji from the previous week. However, we are seeing massive support being tested at the 0.96 level. This is an interesting set up as we are without a doubt at a serious point on this chart. If we manage to break below the 0.95 level, this pair will fall massively. On a weekly close below that area, we are aggressively short of this pair. However, a break of the top of the weekly candle, we think this pair could bounce quite a bit. This pair will continue to be influenced by headlines coming out of Europe as it is a “risk currency pair.” 

AUD/USD Forecast for the Week of June 4, 2012, Technical Analysis
AUD/USD Forecast for the Week of June 4, 2012, Technical Analysis

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