The AUD/USD pair has been struggling as of late, and the Thursday session looks as if it wasn’t any different. The 1.02 level was our line in the sand for buying, and this has given way in a decisive manner. The action on Thursday originally would have been promising at first for the bulls, but the pairing of gains in the later hours isn’t a good sign. The Americans have been lifting a lot of the weight in this market lately, and the fact that they didn’t bother doesn’t bode well for the Aussie going forward. We are sellers of a fresh low, or any failure at the 1.02 level.
Written by FX Empire