The AUD/USD pair fell a bit on Thursday, but stayed above the 1.05 support level. As long as this pair does, it cannot be sold, and should be expected to stay somewhat afloat. The most likely scenario is sideways for the short-term, as there is a gap that was filled from the weekend that pushed prices back down and massive support at 1.05. With those two competing forces within about 125 pips of each other, this pair will more than likely do little. If we get below 1.05 – there is enough support below to keep us from selling.
Written by FX Empire