The Australian dollar initially fell on Tuesday but found buyers below to start pushing higher again. We are currently testing the 0.74 handle, and now looks as if the upward momentum could continue. However, I see a lot of noise between here and the .75 level, so I’m patient enough to wait for an exhaustive candle to start selling again. As gold approaches $1200, it should see quite a bit of selling pressure. This could have a knock-on effect over here, driving the value of the Aussie lower. With this being the case, I have to watch both markets.
Written by FX Empire