AUD/USD Daily Analysis, September 9, 2011

By: Doug Rosen

This pair looks a bit iffy to me.  It is bouncing off the Daily 21 ema as well as the Weekly M1 and just bounced off the Daily S2 Reversal Pivot.  

 AUD/USD Daily Analysis, September 9, 2011

At the end of what I would consider a bearish week for this pair I expect Friday profit taking off of support to trigger a bunch of buy orders forcing price back up but I do see resistance along the way.  

If price were to reach 1.0550 I would consider a short with a stop loss just above 1.0570  If price were to break above 1.0570 I would wait for a pullback down to 1.0565 and look to long this to 1.0600 with a stop loss around 1.0550 .

 AUD/USD 15minute Analysis, September 9, 2011