The AUD/USD pair did very little during the session on Friday, as it remains at the 1.02 level. This level is the bottom of a massive consolidation area, which extends all the way back up to the 1.06 handle. Because of this, a break down from here would be very bearish, and we should see a move down the 0.98 before it was all said and done. If we managed to break down below 1.0150, we would not hesitate to start selling this currency as it really should weaken quite significantly at that point.
Written by FX Empire