The AUD/USD pair shot straight up during the session on Thursday, and smashed into the 1.04 resistance level. In fact, that is exactly where it stopped at the highs of the day. This leads us to believe that there could be a bit of a pullback coming during the session on Friday, but in reality it does look like we have underlying strength at this point. We like buying the pullbacks for the short term, as we think that the 1.04 level will offer significant resistance but will eventually be overcome. Nonetheless, the longer-term charts tell us that we are still consolidating between 1.02 and 1.06, and there is nothing to suggest that will change anytime soon.
Written by FX Empire