The AUD/USD pair rose during the session as the 1.03 level seems to be holding as support. We still have significant resistance at 1.04, and we still feel that we’re consolidating overall between the 1.02 and 1.06 levels. With this being said, we feel that we are coming close to “no man’s land”, and as such do not see the trade until we close above the 1.0425 level. If that happens, we think this pair will continue higher to the 1.06 level. Alternately, if we managed to break the lows from Friday, we would be aiming for a move to 1.02 in the near-term.
Written by FX Empire