The AUD/USD pair gapped lower at the open on Monday, but then fill the gap and continue to go higher. However, I think the 0.80 level above offers a significant amount of resistance, and will take several attempts to break above. In the meantime, it looks as if the gold markets are trying to break out and that should help the Aussie. Short-term pullback should be buying opportunities, and although we are getting close to a major resistance barrier, I have no interest in shorting as I believe short-term buying opportunities should present themselves repeatedly.
Written by FX Empire