The AUD/USD pair went back and forth during the Monday session as we continue to linger below the 1.04 level. This level is significant resistance, but we feel that the shape of the candle suggests that pressure is building to the upside in that we will eventually breakout. After all, the New Zealand dollar did so during the session, and the Australian dollar typically moves right along with that pair. Looking forward, we are willing to buy a break of the Monday session highs on a daily close in order to take advantage of what we feel is a move back to the 1.06 level. As for selling, we are not interested in it presently.
Written by FX Empire