AUD/USD Technical Analysis September 8, 2011

The AUD/USD pair rose on Wednesday, and even broke above the gap formed at the beginning of the week. The 1.05 level has held as massive support, and as such – we like buying on dips or even a break above the daily high from Wednesday. The AUD is a pure interest rate play at this point, and traders will be looking for yield wherever they can. We only buy until we get below the parity level, and that is over 600 pips below.

Written by FX Empire