AUD/USD Technical Analysis for the Week of August 15, 2011

AUD/USD fell, and then bounced as traders whipped the global markets back and forth this previous week. The AUD/USD shows this in the form of a very long hammer that bounced from the parity level. The pair looks set to push higher, but with the 1.05 level being so resistive (according to the massive support it offered previously) and so close, we are waiting for a daily close above the level before we buy. If it does – we could see a run back to the highs around 1.10 or so. A break below the 1.0000 level gets us very bearish for the long-term.

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