AUD/USD fell during the session on Friday in order to break through an uptrend line. The pair looks extremely vulnerable at this point in time, and in fact of the weekly chart even showed a shooting star. Because of this, we are suddenly looking at a break of the Friday lows as a signal from which to sell this market.
The 1.03 level will more than likely offer support, but we think that with the weakening it Chinese economic situation, this could be a serious move. Parity should be massive support though, and we think that this market could in fact aim for that level before it’s all said and done. As for buying, we are not interested in till we hit fresh highs is roughly at the 1.06 level.
Written by FX Empire