The AUD/USD pair went back and forth during the session on Friday, in actually had a positive day. We close above the 1.03 level, which of course is a minor support area but still look a bit suspicious at this point in time. The longer-term consolidation area between 1.02 and 1.06 continues to hold, so we feel that there is probably some downside to this market right now. Support at the 1.02 level would be a reason to start buying again, but right now we need to see that move. As far as selling is concerned, we think that the risk reward ratio just isn’t there yet.
Written by FX Empire