The AUD/USD pair fell during the session on Wednesday, testing the 1.03 level for support. This area did hold, so it is likely that we will see a continuation of the move higher that we have seen over the last couple of sessions. This market has been consolidating between the 1.02 and the 1.06 handles for some time now, and it appears that we have just made some type of bottom in the rectangle again, and because of that we are bullish of this market and believe that buying pullbacks will be the way to go forward. Also, it should be noted that the gold market is looking very similar to the Australian dollar again, so that market of course can be looked at for clues.
Written by FX Empire