By FXEmpire.com
The AUD/USD pair fell most of the week as the fears of a slowdown in China had a negative effect on the risk sentiment in almost all market classes. However, the 1.04 level came in as support, which is significant as it was the sight of a massive breakout to the upside from a triangle on the daily charts. This triangle called for a move to the 1.12 level, and as such we are still thinking this as well. The 38.2% Fibonacci retracement level was at 1.04 as well, and the fact that we saw a nice bounce on Friday only increases our certainty in this pair. We like the pair from this level.
AUD/USD Forecast for the Week of March 26, 2012, Technical Analysis
Originally posted here
