After the slow and choppy start to December the Aussie finally started showing signs of movement towards the end of last week. Early in Thursday’s trading session saw the market initially spiking through resistance at 1.0300; however the bulls quickly lost power and the bears pushed the market back lower towards support sitting at 1.0150.
Friday closed the day with a bullish pin bar rejecting strong support at 1.0150.
The market so far this year has often shown strong support and resistance at 1.0150 with numerous bounces of this area.
With the strength of the bullish pin bar we may yet see another bounce of this area and a move higher. A possible entry could be taken at a 50% retracement of this pin which would tie in strongly at a more detailed support area sitting at 1.0136
Initial targets could be at the 1.0300 area which may prove to be the markets next resistance level.
