The AUD/USD pair fell during the Friday session as the market tested the bottom of the hammer from Thursday. We broke below the 1.05 level at one point in the session, but bounced back above in order to close there. However, the candle does look fairly bearish so we think a pullback in this pair is certainly possible. There is a ton of support and noise below though, and we feel that any pullback at this point in time is a buying opportunity for the Australian dollar. That being said, we are looking for some type of supportive candle in order to go long and interesting to break out above the 1.06 handle that should send this pair much higher.
Written by FX Empire