The AUD/USD pair fell for much of the session on Monday as the markets around the world backed away from the idea of taking risk. The pair managed to find support at the parity level though, and this also coincides with the 50% Fibonacci level. This sets up nicely for a buy signal if we manage to break the top of the Monday session highs. However, if we get a break of the bottom of the same session – we would be massive sellers in this “risk off” environment that we find ourselves in almost daily.
Written by FX Empire