The AUD/USD pair did very little during the session on Monday as we continued to hang around the 0.9250 level. However, we do not have any interest in going long of this market until we clear the 0.93 handle, where we see significant resistance. Above that level, we think the market goes to the 0.95 handle where it runs into significant resistance. Hopefully, if we get that nice resistive candle, we can start selling and aim for the 0.89 handle. In the meantime, expect plenty of choppiness as the market waits until the Federal Reserve decides on what to do about tapering.
Written by FX Empire