AUD/USD Technical Analysis August 23, 2011

The AUD/USD pair had a bullish day, but fell late in the session to form a shooting star just below the 1.05 level – a major area of resistance. Because of this, it appears this pair will fall from here, but it must be known that the 1.05 to 1.01 area seems to be the recent consolidation range, and we feel that it will remain so. The “risk off” trade seems to be coming into vogue at the moment, so it appears that selling a break below the Monday low should be a decent short signal for the short-term.

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