AUD/USD rose slightly for the Wednesday session in what was best described as quiet trading. The pair is currently running up to the resistance area that is between 1.03 and 1.05, and should find the next 200 pips a bit more difficult than that last 200 if it would want to rise. Because of this, we are not willing to buy the Aussie at the moment. On signs of weakness, perhaps a hammer on a shooting star close for example, we would like to sell below the 1.05 mark. Of course, if we get a daily close above there – we would be long. In the mean time, we can only wait for the market to tell us which way it wants to go.
Written by FX Empire