By FXEmpire.com
The AUD/USD pair had an explosive move on Friday than actually push the pair above the 1.05 resistance area. Because of this, we think that this market has entered a new bullish leg up, and will not sell it at this point. Granted, it does look a little bit overextended but if you look at the history of the Aussie dollar in general, you will see that overextending in one direction or the other is pretty much the norm at this point.
Because of this, we are buying on signs of pullbacks that show supportive action on the daily chart. We simply will not sell until we get below the 1.03 level, and to be honest even if we do that there will be easier currency pairs to sell going forward.
Click here a current AUD/USD Chart.
Originally posted here
