The AUD/USD pair had a negative session during the trading day on Wednesday, retesting the 1.04 level. However, it should be noted that that level course did hold as support, and it looks like you’re trying to bounce along and find the next bullish move. We see far too much support below in order to start shorting at this point, and think that there is more of a risk to the upside and the downside. With that being said, we expect choppiness going forward, and as a result think it will take a certain amount of resolve to buy into this market. However, the longer-term trend is definitely to the upside, and we do believe that that will continue.
Written by FX Empire