AUD/USD Forecast February 3, 2012, Technical Analysis

AUD/USD rose initially during the Thursday session, but fell in the later hours to form a shooting star. The shooting star is at the previous highs, so while it isn't a large one - it does carry some weight. The Non-Farm Payroll report later today will be the catalyst to move this pair going forward in the near-term, and the candle will be treated like a doji by us.

The signals are simple: If the market breaks above the highs of the Thursday range, we will buy. If it breaks below the lows of the Thursday range, we won't sell; we will look for support in the 1.05 to 1.04 area. Selling isn't a thought until we get a daily close below the 1.04 level.

AUD/USD Forecast February 3, 2012, Technical Analysis

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