AUD/USD Technical Analysis October 28, 2011

The AUD/USD rose absolutely skyrocketed on Thursday as the EU presented a bailout package finally. The commodity trade was on in all markets as the US dollar got sold off. The pair has reached a gap that appeared in August, and found it resistive. However, the most important level has been broken – the 1.05 level. This is very bullish for the AUD, and we think that the trend upward should continue. As long as we stay above the 1.05 level, this pair should continue to be a “buy only” pair. We like buying dips on shorter time frames.

Written by FX Empire