The AUD/USD pair rallied on Thursday, bouncing off the recent lows. The market could rally from here and go all the way to the 0.73 level above which of course is previous support. That should now be resistive, and an exhaustive candle would be reason enough to start selling as it would offer value in the greenback. The goal markets continue to look relatively soft, so it’s only a matter of time before we breakdown again, and reach towards my longer-term target of 0.70 underneath. The Australian dollar might be getting a reprieve due to the end of year traffic.
Written by FX Empire