The AUD/USD had a bearish day today again. The pullback keeps going on, but shows that it might perhaps be of a temporary nature. After its recent bullish action, this is perfectly warranted and welcome as new buyers will need to be attracted in order to push this pair higher.
The 1.05 level proved to be resistance, but based upon our measurement of the recent consolidation zone we are still calling for 1.07 before all is said and done. Look for support at 1.03 and 1.02 as well.
Originally posted here
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