AUD/USD fell on Friday as the concerns out of Europe came back into the forefront again. The pair is very sensitive to risk, and the fall should have been expected. Also, the shooting star at the 1.08 level on Wednesday was the start of weakness in the pair that shorter-term traders jumped on. However, the uptrend is very strong, and we are looking for support to come back into the market. The 1.06, 1.05, and 1.04 levels all could act as support going forward. With this in mind, we are looking for supportive price action at these levels in order to buy the Aussie, which is one of the most loved currencies so far in 2012.
Written by FX Empire