AUD/USD Technical Analysis for August 12, 2011

The AUD/USD pair rose again on Thursday as the trading world continues its tug-o-war on a global scale. The AUD/USD caught a bid in a risk-seeking move, and we are presently at the top of the most recent consolidation area between the 1.04 and 1.01 areas. The pair has resistance just above at 1.05, and we feel that is the real fight to come. Because of this, we buy only on a daily close above that area. If not, we are willing to sell a break below parity if we get it on the close. In the meantime, it is a decent scalping pair as it continues to go back and forth.

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