The AUD/USD pair fell initially during the Friday session, but 1.04 offered plenty of support and as a result we bounced hard and close of the 1.0477 level. This candle is a massive hammer, and it does look like the Australian dollar is going to continue to see upward pressure. A break of the Thursday candle would be more than enough for us to be convinced that this market will go to the 1.05 handle, and as a result we are more than willing to buy at that point. As far as selling is concerned, we have no interest until we get well below the 1.02 level, something that won’t happen anytime soon.
Written by FX Empire