The AUD/USD pair went back and forth during the session on Thursday, finishing just above the 1.04 level again. It does look as we said yesterday that we are looking at consolidation going forward, and that this market may bank around for a minute. Having said all that, with today being nonfarm payroll Friday, we would expect more of the same action. Because of this, this is not very interesting for us at the moment, and we will stay at out of it for the meantime. However, if we get a daily close above the 1.05 level we think that this market will continue much higher and eventually breakout above the 1.06 handle.
Written by FX Empire