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The AUD/USD pair had a fairly neutral day on Monday as the 1.0550 level has pair under wraps. It's an interesting spot for this to happen, as the neutral candle is forming just at the top of a couple of hammers from last week. This really makes us concerned about whether or not there is enough upward momentum to keep going in this pair.
However, it should be said that the upward momentum is with the Aussies at the moment, and although we're the top of an ascending channel, we think that a pullback is simply an invitation to buy at lower levels. The 1.03 level looks especially interesting, as it is very supportive and of course the bottom of the channel does as well. If this pair broke lower, we would simply sit back and wait for support at one of the two areas in order to go long.