AUD/USD rose during the previous week, and managed to break above the 1.04 level. The pair looks very strong at this point as the market closed the week at the very top of the range. The fact that the market closed well above the 1.04 level shows that the strength is without a doubt to the upside in this pair.
The breaking of the top of the week’s range would be a massive bullish signal in this market. We are willing to buy if that happens going forward. Also, daily candles that show support on pullbacks can also be bought as long as we are north of 1.04 going forward. A close on the weekly below that level would be bearish to say the least.