The AUD/USD pair fell for much of the session on Friday only to bounce back off of the 1.05 level and form a hammer. This shows continued resilience on the part of the Australian dollar, and as such we think that the upside is where we’re going next. A break above the Thursday highs would smash all resistance and lead us to the 1.08 level. The right might be bumpy, but that’s where we think we’re going.
As for selling, we think that any fall in this pair will more than likely find support at the bottom of the up trending channel that we’ve been crawling over the last couple months. In fact, we are not selling until we break below the 1.03 level.
Written by FX Empire