AUD/USD into the session essentially unchanged after flirting with both opposed 1.04 levels, and pre-1.04 levels. In other words, the market went back and forth and eventually did nothing. We see the 1.04 level as a serious chance of resistance coming back into the marketplace, and as such would sell any weakness that we see in this general vicinity. However, we do not have the set up right now, and with the Thanksgiving holiday just two short days from here, we doubt we will.
If we managed to break above the 1.05 level, we would consider this a bullish sign and consider being long of this market. However, if we managed to break down below the 1.03 level, we think that’s as equally bearish. If that signal does arrive, we would start selling and aim for the 1.02 level at the very least.
Written by FX Empire