The Australian dollar had a negative session on Thursday, reaching towards the 0.75 level. This is an area where I suspect we will see quite a bit of support, so a supportive candle is reason enough to go long at this point. Alternately, if we breakdown below the 0.74 handle, I feel the market then goes much lower. There is a lot of noise underneath the 0.75 level, so that move would be rather significant. In the meantime, expect a lot of volatility and pay attention to gold, as it is such a driver of the Aussie longer term.
Written by FX Empire