AUD/USD Technical Analysis September 5, 2011

AUD/USD fell on Friday after a weak US jobs number. The pair is a “risk on” trade typically, so this was no real surprise. However, the trend is certainly up, and we fell that the 1.05 area should hold as support in the interim. The pair could pullback from here, but as long as we are staying above the 1.05 level, we buy pullbacks as opportunities to own the Aussie on the cheap. We don’t sell until the pair reaches parity, and that is a long way below.

Written by FX Empire