The AUD/USD market rose during the session on Wednesday to slam into the 1.03 resistance level. This was the area that the bears became aggressively resistive in this market, and as such we are watching this area with great interest. The candle did pullback a bit towards the end of the session, but it must be said that it has held up overall. We still see the 1.0350 level is crucial, and it isn’t in till we get above that on a daily close that we are willing to buy as the general area should continue to fight back the bulls. As for selling, we would be sellers on a break of the Monday lows as it would show a violation of a hammer. We believe a break below that should send this market down to parity.
Written by FX Empire