The AUD/USD pair bounced nicely off of the 0.9650 level during the session on Thursday, which is to be expected as it is a long-term support level. The resulting candle is in quite a hammer, but it does suggest the same thing: That the support level should be rather difficult to break through for any significant amount of time. Using this, we will short this market on a break of the lows from the Thursday session, or perhaps buy this market on a move above the 0.98 handle, expecting the parity level to offer quite a bit of resistance.
Written by FX Empire