The AUD/USD pair went back and forth during the session on Thursday, but in the end formed a relatively neutral candle. In fact, you could almost call it a hammer, which we of course will treat as such as it is towards the bottom of the larger consolidation area. The bottom of a larger consolidation area is at the 1.02 level, it extends all the way up to the 1.06 level. However, we think that a bullish trade at this point time will more than likely be capped at the 1.0375 level as it looks to be relatively resistive.
Written by FX Empire