The AUD/USD pair went back and forth during the day on Friday, essentially hugging the 0.93 handle. That being the case, the market looks as if it is finding support in this area, but ultimately will break out to the upside. If we do break down below the bottom of the range, we think that there is a significant amount of support at the 0.92 handle, so we do think that the downside is somewhat limited. On the other hand, if we break out to the upside, it could be another attempt at the 0.95 level, which ultimately been broken above would be a very bullish longer-term buy signal.
