The AUD/USD pair shot straight up during the Thursday session and towards the end of the day was burning a breakout of the 1.06 resistance level. If we can get above this level, we fully expect to see this market rise all the way to the 1.10 level. After the candle for the Thursday session, we do believe this will happen. However, there could be a bit of a pullback first, and as such we will wait until we see at least a four hour candle close above the 1.06 handle. At that point in time, we would become very bullish of the Australian dollar. We see actually no reason to even consider selling this pair right now.
Written by FX Empire