The AUD/USD pair rose during the session to break the top of the shooting star from Wednesday as the Thursday session was absolutely bullish. The 1.02 level has held as support and it now looks like we are trying to break out and perhaps even go to the top of the recent consolidation area at the 1.06 level.
Because of this, we are buying a break of the 1.0275 handle and trying to ride all the way back up to the top of the rectangle. We think as long as the Federal Reserve continues to print currency, and as long as we don’t have some type of massive meltdown in the financial system or shock headline, the Australian dollar should continue to gain.
Written by FX Empire