The AUD/USD pair rose during the session on speculation of further easing by the central banks from both Europe and the United States. The liquidity injection will more than likely drive commodity price higher, and as such should drive gold and the Aussie dollar higher.
However, we see the area above as possible resistance because of both the top of the channel and the 1.05 level suggests that we could see a pullback. We would be buying that pullback on supportive action as we think the commodity currencies will continue to gain in the near term.
Written by FX Empire