The AUD/USD pair went back and forth during the session on Wednesday, eventually settling on a negative candle. The market closed just above the 0.96 handle, so we have to wait and see whether or not that hold as support. Quite frankly, we believe that this market will find the 0.95 handle very supportive, so we think that any type of supportive candle between here and there is more than likely going to be a nice buying opportunity. After all, the Federal Reserve is painted into a corner, and therefore cannot taper off of quantitative easing which of course is dollar negative.
Written by FX Empire