The AUD/USD fell on Friday, as did all risk-related currencies. However, the AUD is a bit insulated as there is massive demand for gold at the moment, and Australia has plenty of it. The area just below the close is full of choppiness and supportive action, so it is likely that any falls we see from here will be of the slow grinding kind, if we see them at all. As a rule, if the stock markets rise globally, this pair will as well. Keep one eye on the NASDAQ, NYSE, FTSE and DAX in order to know whether or not to buy this pair. With the recent gloom and doom in the air, this pair will difficult to own for any long periods of time.
Written by FX Empire