AUD/USD Forecast Nov. 21st, 2011, Technical Analysis

AUD/USD fell during the session on Friday after an initial bounce to form a shooting star. The pair looks weak, and the rallies are all being faded at this point. The parity level should offer some support, and we think that another bounce could be coming just under this area, perhaps at the 0.99 level. However, as long as the headline risks out there keep coming, the pair will continue to grind lower. This pair is very popular, so be aware of the fact that the move down will more than likely be a grind, not a sudden move. We sell rallies, and do not buy this pair.

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