The AUD/USD pair fell during the session on Thursday, after initially trying to rally. The fact that we have close below the 1.01 handle now houses very bearish on the Australian dollar, as this was significant support. You can see on the chart that we have close below the bottom of a significant hammer back in late February, and now we have started to short the Aussie dollar fairly aggressively. We recognize the fact that the parity level will offer a bit of support based upon the large round psychological significance of the number, but in reality we feel that parity will get broken and the Aussie will head towards the 0.98 level.
Written by FX Empire