The AUD/USD pair fell during the Friday session as the risk assets around the world fell. The commodities markets fell, and this always tends to pull the Aussie down. The 1.08 level held true again, and it looks like a serious fight is brewing at that level. The 1.06 level below seems to be overly supportive, so we are expecting a bit of a pullback in the near term, and would use it to buy the Aussie again. The pair is in bull mode, and we fell it is only a matter of time before the 1.08 level gives way. Once it does, the move to 1.10 should be relatively quick. The triangle that broke to the upside at 1.04 suggested a move to 1.12, and we still think that is our target over the longer term.
Written by FX Empire