The AUD/USD pair rose during the Thursday session as the pair tested the 61.8% Fibonacci level. The shape of the daily candle was a doji, and this was formed after a hammer. The pair currently trades at the bottom of the descending channel, and as a result a bounce isn’t a major surprise. However, the 200 day EMA failed to hold, so we are a bit leery about getting involved to the upside at the moment. In fact, we think a pop will more than likely trigger selling in this pair, especially at the top of the channel. A break above the channel’s top would have us long as it shows real momentum to the upside. Until then, we are flat.