The AUD/USD pair rose during the session on Wednesday, smashing into the 1.04 level and being repelled by the sellers. This resistance area pushed price down enough to form a shooting star again, but it should be noted that the lows continue to get higher. This in mind, we think that the next day or two will be vital in this currency market, and will probably wait until the daily close to decide which direction we want to be trading and. If we managed to close above the 1.04 level, that’s an obvious buy signal. If we managed to close below the 1.0325 level, this would show momentum shifting back towards the downside and have us aiming for 1.02 or so.
Written by FX Empire