The AUD/USD pair found itself slightly higher at the end of the Monday session as the pair simply bounced around for most of the session. The 200 day EMA is just above continues to pressure the Aussie to the downside, and trend traders are certainly watching this level in order to determine the next move.
The bounce that we saw a few sessions ago was from the 50% Fibonacci level, and we are still caught in a downtrend channel. It is a break above the downtrend channel, and therefore the 200 day EMA that will have us long in this market. Until then, we are sitting still. As for selling, we aren’t.
Written by FX Empire