The AUD/USD pair had a fairly neutral session on Friday, taking a break after busting through the 1.04 level finally on Thursday. This is a relatively significant breakout, but we need to see the highs of the Friday session broken to the upside in order to start buying again, or some type of pullback to the 1.04 level that shows support. The gold market is also breaking out to the upside and currently sitting just above the $1600 level, an area that was previous resistance as well. We think this market is simply following the gold market, which is very common. Going forward, I move higher we are more than willing to start buying the Aussie dollar and aiming for the 1.06 handle.
Written by FX Empire