The AUD/USD pair fell during the session on Friday, but did get a bit of a bounce once we got to the 1.0480 handle. The resulting candle ended up closing above the 1.05 handle, and as a result we think this pair still looks rather bullish. However, we need to get above the 1.06 handle in order to start buying this market as we are so close of the massive resistance that the level represents. If we do manage to get above that area, measuring the big consolidation area that we have been stuck in lately would suggest that we will first try to hit the 1.08 level, and then ultimately target the 1.10 level.
Written by FX Empire