The AUD/USD pair had a positive five sessions over the previous week, as we continue to find support at the 1.04 level. This level should offer support
The AUD/USD pair had a positive five sessions over the previous week, as we continue to find support at the 1.04 level. This level should offer support going forward, and we do think that eventually this market could break up to the 1.06 level. However, we see quite a bit of choppiness with an upward bias in this market over the last two months, and as a result it is not necessarily one that’s conducive to long-term trading. With this being said, we need to see some type of significant break out above the 1.06 level, or below the 1.02 level in order to place longer-term trade with any confidence at all.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
