Aussie Versus Dollar and Kiwi August 4th

FX Strategy Video > Currency Pairs Analysis

The AUD/USD pair fell again on Wednesday, but managed to bounce from the lows to form a hammer on the daily chart. Add the fact that the pair did this at the 1.0750 support area, this looks as if the pair is going find buyers in the near term. The pair could make a run towards 1.10 on a break of the Wednesday highs.

The AUD/NZD pair is forming the same type of candle on the daily chart as well, but just under a resistance line. Because of this, the AUD looks stronger - but we don't like taking this trade unless we get a daily close above the 1.25 handle. If we break below the 1.23 area - this will be a very bearish sign.

Published on 3rd of August 2011
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