The AUD/USD pair had a back and forth wild session on Thursday, as we were both very bullish, and then very bearish. Looking at the charts, you can see that we failed to crack above the 1.06 resistance level, and as a result we are still on the sidelines. However, we do not see the possibility of selling the Aussie dollar, and as a result we simply wait until we get that breakout above the 1.06 level that should send us as high as the 1.10 handle. This target is predicated upon the idea of the consolidation that we are presently experiencing between the 1.02, and the 1.06 level measuring out the move.
Written by FX Empire