The Australian dollar shot straight up in the air during the week to test the 0.80 level. This is an area that attracted a lot of attention and profit-taking.
The Australian dollar has pulled back again on Friday to reach down towards the 50 day EMA. We have seen a lot of pullback from a major resistance barrier.
The direction on Friday is likely to be determined by trader reaction to the 50% level at .7786 and the 61.8% level at .7733.