AUD/USD Technical Analysis August 15, 2011

The AUD/USD pair fell, and then rose on Friday as traders took on more risk in the later hours of the session. The recent consolidation area looks like it wants to be supportive of the market, and we feel that we will see the 1.05 level tested fairly soon. Gold is looking like it wants to rise again and that will put in a bid for the Aussie. We buy at a break of the highs on Friday. If it doesn’t break it, we think more consolidation could be in order.

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