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The AUD/USD currency pair fell during the first half of the trading week, only to turn around and bounce back over the 1.03 level. The week finished at the 1.04 handle, and this is an area that could provide a little bit of resistance. However, with the Federal Reserve seemingly walked into easing its monetary policy in the short-term, this pair should continue to rise.
Economic numbers do come out over the weekend out of China, and then of course could have an effect on the Australian dollar as well. However, we believe that overall this pair is still bullish and should continue higher. We would buy a break of this week size and aim for 1.07 or so as it is the next major resistance level.