FX.co ★ AUD/USD Bearish Outlook for March 6, 2012 (Daily Strategy)

AUD/USD

The AUD/USD pair, was devalued in this hour because the Reserve Bank of Australia could cut the exchange rate at its next meeting.

This movement of the Aussie was at least expected, with the price of gold ounce at the minimum of several days. We had already mentioned in previous analysis that there has to be a correction. /en/analysis/52238/

At this point, given that the indicator and MCD is showing bearish exhaustion rate, we expect to stop at W_S2 and there will be a rebound to the weekly pivot line 1.07

Therefore I recommend you to sell the pair at the level of resistance targeted towards 1.0430, we can add that the last movement caused the pair to form a reversal pattern targeted to 1.0400

The range indicator is showing a deeper falling.