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The AUD/USD pair fell below the 1.03 level on Thursday, to signify further weakness. However, this area does look very supportive and the fact that we bounce slightly towards the end of the session should be no surprise. This pair will be moved upon the release of the speech and comments by the Federal Reserve Chairman later today in Wyoming, and as such we should see some kind of reaction after the comments are released.
If we manage to break the lows from the Thursday session, we feel that this market goes much lower - possibly even as low as parity. However, if we can negate and reverse the losses from the Thursday session, we think we will retest the 1.05 level.