Nick Nasad
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AUD/USD: Buyers Give Aussie Support at 0.8950 Pivot

On Tuesday I wrote about the AUD/USD, and was impressed by the pair's move above the critical resistance at 0.8960. That push through the 55-daily EMA, as well as a horizontal pivot gave me the impression that the bulls have taken control of the pair.

In today's session, the AUD fell back following a weak job report. The decline dipped back into the old resistance level and turned to support. However, the level was pierced and it will be up to the bulls to keep defending that level. For those thinking the AUD/USD has more room to the upside, the dip in the pair is a chance to get into the pair with a slightly better risk to reward than was possible on Tuesday, while bears were probably best positioned by fading Tuesday's rally near 0.9070. What's next. Will the rally extend? Or do we see a break back below 0.8960 that leads to a sharper correction of the recent upswing?