The Australian dollar gap lower as the North Koreans tested a nuclear bomb, but then turned around to fill that gap before falling again. I think that the market has significant support near the 0.79 handle, just as we have massive resistance at the 0.80 level. I think we continue to bang around between these 2 levels and the short-term, and as we are in the middle of them, I think it’s probably best to simply wait on the sidelines for the market to show some clarity. Currently, we are essentially in “no man’s land.”
Written by FX Empire