By FX Empire.com
AUD/USD initially pierced the 1.08 level during the week, but found that the upward momentum finally ran out of steam as the move had been a bit too parabolic at that point. The pullback saw this pair fall to the mid-1.06 handle, and this could be the start of a continued fall. However, we feel that the uptrend is still intact, and that longer-term traders shouldn’t sell this pair as there is significant support at 1.04 or so. With this in mind, we are going to wait on longer-term trades for a supportive candle around the 1.05 to 1.04 levels. If we get a sub-1.04 close, we would become aggressive sellers.
AUD/USD Forecast for the Week of February 13, 2012, Technical Analysis
Originally posted here
