The AUD/USD pair was fairly volatile during the Wednesday session as we continue to bounce around just above the 1.05 level. However, the markets essentially finish the day unchanged, and all things considered it was a bit of a victory for the buyers. This is because we have been sitting on top of the 1.05 level for three days now, and every time we fall below it we find support. This of course suggests that we are going higher, and that would of course would jive well with recent price action from a couple of weeks ago. Because of this, we are willing to buy a break of the highs on the Wednesday session, and aim for 1.06 first. If we can get above 1.06, we could go as high as 1.10 before the move is all said and done. We have no plans on selling the Australian dollar, as there are far too many minor support levels below.
Written by FX Empire