The Australian dollar went sideways during the session on Tuesday originally, but then broke above the vital 0.80 level. If we break above this level and stay above it for a daily close, I think this is a significant turn of events, and the Australian dollar could become more of a “buy-and-hold” proposition. That’s not to say that there won’t be volatile moves from time to time, but the 0.80 level is vital going back decades. Because of this, I think that the market will eventually go much higher, but patience will be needed in this longer-term move.
Written by FX Empire