AUD/USD Forecast for Nov. 14th, 2011, Technical Analysis

The AUD/USD pair rose during the Friday session as the manic attitude of currency markets continues. The Greek swore in a new Prime Minister, and the Italians passed an austerity budget. The trading took this as the EU being saved. (Again.) Of course, there are a lot of details missing from the bailout funds, and the market is probably vulnerable to headline risks at this point because of the violent nature of the move. We see resistance ahead, and will be looking to sell near the 1.04 – 1.05 area if we get the correct price action.

Leave a Reply

Your email address will not be published.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