The Australian dollar fell during the day on Wednesday, as the 0.75 level continues to offer resistance. It now looks as if we are going to try to reach towards the 50% Fibonacci retracement level below, at the 0.7450 level. However, I see a massive amount of support in the general vicinity, so this is going to be a very difficult market to trade. Until we get an impulsive candle, I’m not bothered being involved in the AUD/USD pair. Gold markets have a great influence on the Australian dollar typically, but have had no effect this time.
Written by FX Empire