AUD/USD Forecast February 5, 2013, Technical Analysis

The AUD/USD pair initially dipped during the session on Monday, but found support at the 1.04 level yet again in order to form a little bit of a hammer. It shouldn’t be confused with a strong hammer, but the fact that the Friday candle was so supportive, and was printed just after the fairly supportive Thursday candle, this does make a statement at the 1.04 level could be a bit of a “floor” in this market. That being the case, we are more than willing to start buying at this point in time in order to aim for the 1.06 level yet again.

 

AUD/USD Forecast February 5, 2013, Technical Analysis

Written by FX Empire