The AUD/USD pair fell during the Friday session as the Aussie continues to underperform. The market has been consolidating between the 1.02 and 1.06 levels, and has a “midpoint” of 1.04 to guide the markets. The shape of the candle is a hammer, and the result is that it looks as if we are seeing a bit of support at the 1.04 level. The previous two candles holding there as well doesn’t hurt either. With this in mind, we would buy a break of the top of Friday’s candle. As for selling, there is a lot of noise below, and we don’t like the choppiness that would more than likely come from that move.
Written by FX Empire