AUD/USD rose during the Friday session to form a hammer for the week. This is a very bullish sign, but the market is about to find that the 1.03-1.05 area
AUD/USD rose during the Friday session to form a hammer for the week. This is a very bullish sign, but the market is about to find that the 1.03-1.05 area is massive resistance. Because of this, we aren’t buying this pair until it closes above the 1.05 level and on a daily close at the very least. The path of least resistance is still probably down, as the pair is so risk sensitive. The EU meeting over the weekend could be a catalyst for a move in either direction, and headlines should continue to produce the moves in this market – almost none of which will be coming from Australia.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
