The AUD/USD pair has a slight bullish day for the second session in a row. The pair has started to show signs of support at the 1.0250 level – which just happens to be the 50% Fibonacci level from the most recent uptrend. The 200 day EMA level is above, so we aren’t excited by the idea of buying at this point. In fact, we need to see the top of the downtrend channel broken above in order to buy at this point. The 200 EMA would also be broken back above as well, and this would be a good sign for the bulls. The selling of this pair isn’t a thought quite yet – unless of course we see weakness at the top of the channel.
Written by FX Empire