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The AUD/USD pair had a very bearish week which was culminated by a massive selloff on Friday. However, we are just above the 1.04 level, and even more importantly just above the uptrend line in an ascending channel that's been pushing this market higher since the beginning of June.
With this in mind, it would not surprise us to see a bounce from this level. In fact, it's kind of what we expect. We do not see this market as one that should be sold unless we get well below the 1.03 level. In the meantime, we are simply looking for excuses to buy this market as the central banks around the world are getting ready to print more money, which is almost always good for gold, which is almost always good for the Australian dollar.