AUD/USD rose during the session after more quantitative easing came out of the Federal Reserve on Thursday. The 1.05 level has been broken above now, and as such it does look like we’re going to continue much higher.
The pair has risen quite a bit over the last couple weeks ago, and as such we think that a pullback could be coming. Nonetheless, we see the 1.05 level as significant support now and would be willing to buy any type of support candle in that general vicinity.
Should also be noted that the gold markets had a stellar day during Thursday, and as such we think that the Australian dollar should continue to do quite well. After all, the Aussie dollar and the gold markets tend to mirror each other, and certainly that was no different during the Thursday session. As for selling this market, we simply won’t do it now.
Written by FX Empire