The AUD/USD pair fell during most of the session on Wednesday, but bounced that the 1.0530 level in order to form a bit of a hammer. With this being said, it does look like a market that’s trying to build up enough pressure to the upside in order to break out of the 1.06 handle. That hasn’t happened yet though, and as a result this market has been frustrating to many traders. However, the easiest trade by far as to simply wait until we get above the 1.06 level on a daily close and buy the Australian dollar.
Written by FX Empire