The AUD/USD pair fell during the session on Friday, closing well below the 0.98 support level. This market is absolutely broken at the moment, but we are starting to approach significant support levels on the longer-term charts.
Right now, if we can get below the 0.9650 area, it looks like this pair could absolutely collapse. With the selloff that we have seen recently though, we would not be surprised at all to see some type of bounce. That bounce should have you thinking of selling more than anything else. Buying down at these low levels might seem like a good idea to some of you, but in reality it’s like trying to catch a falling knife.
Written by FX Empire