The AUD/USD chart printed a pin bar reversal pattern at a very strong level of support of 0.9925 closing just below the Weekly S1 at 0.9942 and kissing the Weekly S2 with its long wick at 0.9868. Fundamental factors aside, this is a great level for the pair to reverse from a technical point of view. We could easily see a pull back to roughly the Weekly Pivot at 1.0082 which is just shy of the 38.2% retracement level at 1.0100 or even the Monthly S2 at 1.0125. Price has been slightly Bullish during Asian trading, which is a possible indication that the London & New York traders might try to reverse the gains made during Asian trading, and send the price lower as a result. If prices fall rather than rise in the next 24 hours, we have clear support at 0.9925 of course, and then 0.9870 will likely be the next target with 0.9700 being the next really strong turning point with a Weekly S3 and a long standing level of Support at 0.9700. Key numbers to watch that could affect this pair are the Unemployment Claims & Philly Fed Manufacturing Index during the New York session later today.
Happy Trading!