AUD/USD Technical Analysis for the Week of August 8, 2011

The AUD/USD pair fell extremely hard this past week as traders shed anything remotely related to the “risk on” trade. The pair is currently sitting at the 1.04 – 1.05 support area. The pair would become a sell if we can break below the lows of this past week. The pair will find more support at 1.02, so this trade could be short-lived. If we bounce from here, it would be a nervous move as these kinds of falls generally don’t happen in a vacuum.

Leave a Reply

Your email address will not be published. Required fields are marked *