AUD/USD Forecast January 30, 2012, Technical Analysis

AUD/USD rose again on Friday as the Dollar continues to get sold off. The bad GDP numbers out of the United States certainly did nothing to inspire confidence in the economy, and as a result, traders went to other countries to look for yield. The Aussie has been strong lately, and has even broken out of a massive triangle that measures for a move up to the 1.12 level. The pair could pullback in the near term, and if it does – we would be buying those dips. We will not consider shorting this pair until we close well below the 1.04 level. 

AUD/USD Forecast January 30, 2012, Technical Analysis
AUD/USD Forecast January 30, 2012, Technical Analysis

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