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The AUD/USD pair fell during most of the session during the Tuesday trading day, but formed a nice hammer after it bounced and later hours. This suggests that perhaps the 1.04 level will be supportive, and we could see a return to much higher levels.
The shooting star from the Friday session is the resistance that the market needs to get through in order to continue higher. With the Federal Reserve doing its quantitative easing, it is likely that this pair will eventually break that 1.06 handle. Because of this, we will continue to be long of the Australian dollar on balances and wait to see whether or not we can get much higher.