AUD/USD Technical Analysis August 9, 2011

The AUD/USD fell yet again on Monday. The pair simply cannot get out of its own way, and now finds itself at a massive support area. If this area cannot hold – we are going to really fall out of bed at this point. The 1.02 level was a massive resistance area before, and a break of it started another bullish run towards all-time highs. There is plenty of support in this area, now we need to see a supportive candle in which to buy. If we can get to parity and below – this will start a new bearish trend in this market.

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