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.
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.
