The AUD/USD had a strong showing on Wednesday, breaking above the 1.05 level. However, we are still well below the 1.06 level, an area that we need to break out of in order to really get bullish of the Australian dollar. It isn’t a matter of whether or not we think it can happen, is just a matter of waiting for the market to do so. If we get above that level, we think this market could go as high as 1.10 he for the move is completely said and done. Until then, we are going to be on the sidelines.
Written by FX Empire