AUD/USD bounced on Thursday as the “risk on” trade came back into vogue. The market is very schizophrenic in its behavior lately, so this bounce isn’t a surprise anymore. The pair originally tried to fall, but the parity level came into play as support in low volume trading. As a result, we think that the upward momentum will be hard to sustain though, as the 1.02 level continues to be resistance. We expect choppy sideways trading and are perfectly happy being flat in this market.
Written by FX Empire