By FX Empire.com
AUD/USD fell for the week, and was stopped cold at the 1.08 level. The 1.08 handle has been very resistive lately, and the weekly chart shows just how resistive the level is. The obvious take away from this chart is that the 1.08 simply must be overcome in order to continue to the upside for the long run. The bulls will take comfort in knowing that the last two weeks have produced hammers, and this looks very supportive. On a daily close above the 1.08 level – we are long of this pair. We aren’t interested in selling until we get a daily close below the 1.04 handle.
AUD/USD Forecast for the Week of February 27, 2012, Technical Analysis
Originally posted here
