The AUD/USD pair fell during the session on Thursday, but as you can see the 1.02 Regent continues to offer support. The bounce during the end of the session wasn’t exactly strong, but it was enough to form what looks a bit like a hammer. The 1.02 level is the bottom of a larger consolidation area, so this does not surprise us at all, and quite frankly we would be surprised if this market continue higher and retest the 1.04 level for resistance. Going forward, we will not sell this market until we break down below the 1.01 level, which is something that doesn’t look very likely at the moment.
Written by FX Empire