By FX Empire.com
AUD/USD shot straight up during the past week, and eclipsed the all-important 1.05 level in the process. Because of this, the market looks very bullish all of the sudden and we think that it should be bought on dips. The 1.05 level will be our “line in the sand’ as it tells us which side of the trade we want to be on at this point. If we get a pullback to that level and see supportive action – we want to buy. If we see price break down past it, we would sell. We don’t want to buy at these levels, the market looks a bit overbought at this point.
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