The AUD/USD pair fell during the session on Wednesday, but found enough support at the 1.04 level in order to bounce and produce a hammer for the session. This suggests to us that we are going to continue to try and grind higher, and that the 1.04 level should be a bit of a “floor” in this market going forward. If that’s the case, we think that the target will eventually be 1.06, which a break of could lead this market going to the 1.10 level by the time the move is all said and done. As for selling, we have no interest in doing so at the moment, as we see quite a bit of support just below current pricing.
Written by FX Empire