AUD/USD Forecast for the Week of Nov. 28th, 2011, Technical Analysis

The AUD/USD pair had a bearish week again as the world’s risk appetite continues to deteriorate. The pair is rapidly approaching a hammer on the weekly chart that was the start of the most recent up move in this pair. The 0.95 level just below should be supportive, so selling at this point is going to be difficult. We prefer to sell rallies at this point in time, and will continue to do so as negative headlines will continue to push this pair lower. The breaking of 0.93 to the downside would shift this into a down trend overall in our opinion. The markets are very nervous, and that never bodes well for the Aussie. We sell rallies, and will not buy at this point.

AUD/USD Forecast for the Week of Nov. 28th, 2011, Technical Analysis AUD/USD Forecast for the Week of Nov. 28th, 2011, Technical Analysis

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