By FX Empire.com
AUD/USD initially rose for the Friday session, but pulled back in order to form a shooting star at the close. The pair does look a bit heavy at this point, and it should be noted that the highs are starting to shift a bit lower, and the lower are as well. This suggests that we could see a fall in this pair.
However, there is a lot of buyers below, and there is a natural support level at the 1.06 and 1.05 levels. The 1.04 is the top of a massive triangle we had pointed out in the past, and it isn’t until we close under that level that we could consider selling. Although we think a fall could be coming, it is merely a chance to buy the Aussie on the cheap to us.
AUD/USD Forecast February 27, 2012, Technical Analysis
Originally posted here
