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The AUD/USD pair shot through the 1.03 handle during the previous week to show real strength. However, at the end of the session on Friday we saw this currency pair get repelled at the 1.04 level and the risk appetite around the world fade a bit.
We think that the 1.04 level is a barrier that must be overcome to continue to go long the Australian dollar. In fact, that is our prognosis: we are buying this pair on a daily close above the 1.04 level. As for selling, we are not interested in it right now as the hammer from the previous week suggests that we are going to see support down the 1.01 level.