The AUD/USD pair broke down during the session on Friday, closing at the 0.9165 level. This of course has broken down below the 0.9250 level, an area that we thought was significant support. In fact, the market even tested that area as resistance during the session, which it did in fact hold. Because of that, we feel this market is going to grind lower, and probably aim for the next psychologically significant level: 0.90 as it is a nice large round number. That being said, we think selling is the only way to go, and will do so on a break of the lows from the Friday session.
Written by FX Empire