AUD/USD Technical Analysis September 28, 2011

The AUD/USD pair surged in the early part of the Tuesday session to retest the parity level. However, during the session we saw a failure to breakthrough, and the pair looked weak in the end. The AUD is a “risk on” currency, and will get sold off in times of trouble. With the action late in the US session, one has to think that the parity level will continue to serve as huge resistance in this market. Because of that, we are selling rallies and will get much more aggressive to the sell side if we can close below 0.97 on the daily chart. We cannot buy until the parity level is completely cleared on a daily close.

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