The AUD/USD pair initially fell during the early hours of the Thursday session, but turned around and close well above the 0.96 handle. That being the case, this market looks like it’s trying to form a pretty significant base, and that the market wants to go higher. With our earlier analysis, we have suggested that the 0.98 handle and the overcome in order to become bullish. We still feel that way, although we certainly feel at this point in time that the bias is trying to shift to the upside. The real question course will come down to one rate expectations are for the US, and as a result be FMOC meeting will be followed closely next week, and as a result we are sitting on the sidelines unless of course we get that move above the 0.98 handle that was previously mentioned.
Written by FX Empire