The AUD/USD pair rose on Thursday as the hammer from the Wednesday session triggered a lot of buying in this bullish market. The 100 day EMA is just below, and looks as if it has acted as support as well. The commodity trade should still be strong overall, and the Aussie will continue to benefit from it. The recent consolidation area looks like it is where this pair is going, and it will find the top at 1.08 as it was so well defined recently. However, this pair is very bullish, and with the easing everywhere – it should break through the area and onward from there. We are buying the AUD/USD on any dips until we see a daily close below the 1.04 level.
Written by FX Empire