The AUD/USD pair had a fairly quiet session on Thursday, but is struggling at the 1.08 resistance area. The Aussie has enjoyed a massive rally lately, and the pair simply needs to rest as the bullishness will need to slow down in order for those that haven’t participated to get involved.
Because of this, we think a pullback is coming, and would welcome it as a buying opportunity. The 1.04 level is what we need to see broken below in order to consider selling, and we would like to see supportive action before that area in which to buy. The 1.05, 1.06, and 1.07 levels are all candidates for support, and we will look for supportive daily candles in these areas from which to go long.
Written by FX Empire