By FX Empire.com
The AUD/USD pair fell during most of the week, but managed a bounce at the 38.2% Fibonacci retracement level of the latest up move. The resulting candle for the week is a massive hammer, and this signifies that a break higher is a strong buy signal. The fact that the 1.04 level held gives us hope for the bullish case as well, and as a result we feel that buying on a break of the high for the week is the way to go. 1.08 will be resistive, but in the end we feel it gives way.
AUD/USD Forecast for the Week of March 19, 2012, Technical Analysis
Originally posted here
