The Australian dollar managed to break the level of 1.04 in today's session, peaking February 5. Yesterday we mentioned that the Aussie was in a long-term bearish channel, the fact that now it is out of this channel increases the probability of an upward movement for the next few days until the 1.0523 fractal. Our bearish outlook was even invalidated because the pair is now trading above the 200 day moving average. So we expect that there is a decrease of pair to test the strength of the bearish channel which now serves as support. At this level we recommend you buying the pair with objectives to 1.0523.
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