FX.co ★ AUD/USD Bearish Outlook for March 13, 2012 (Daily Strategy)

AUD/USD

The AUD/USD pair has found a bottom at 1.0475 around the first weekly support (W_S1), but a long-term view is that we should expect the pair to continue the fall, but now, for the moment given the market is uncertain. It could find a small correction at 1.0607.(W_P)

If our strategy remains bearish, we recommend selling the pair at high levels of resistance or when there is a rebound. Our bearish target will be placed at 1.0375 U.S. dollars per Australian dollar.

The MACD indicator is located in an intermediate zone, showing a neutral signal. On the other hand, the Momentum indicator, is showing bullish signal.