AUD/USD had an initially weak session on Friday, but bounced in later hours as the Americans went hunting for values. The pair looks like it is finding support in the form of 1.03, and as such could make another attempt at the 1.05 level. The price action suggests we could see tight and range bound trading between the 1.03 and 1.05 levels in the near-term. Because of this, we are looking for scalping set ups more than anything else, and the trend is up – so we prefer longs near this area for about 50 pips at a time.
Written by FX Empire