Aussie Versus Loonie and Dollar August 12th

FX Strategy Video > Currency Pairs Analysis

The AUD/CAD pair has recently bounced from a hammer on Tuesday as it runs higher. We feel that this could be the start of something special, and especially so if we can close above 1.03 on a daily candle. We certainly are not interested in selling at this area anymore, as the support is so evident.

The AUD/USD pair finds itself in a consolidation area between 1.01 and 1.04. The pair will have to contend with the 1.05 area as well to the upside, and parity to the down side. Because of this, we feel this market will be choppy and sloppy as range bound trading could continue. We become larger buyers above the 1.05 mark.

Published on 11th of August 2011
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