The Australian dollar rose during the day on Monday, testing the 0.7750 level. If we can break above here, I think that the market will continue to go much higher, perhaps reaching towards the 0.80 level after that. That is a historically important level, so be aware the fact that we will have a lot of volatility in that area. Pullback should continue to be buying opportunities, and if gold finds any real strength and could be even more momentum building action for the Australian dollar. I don’t have any interest in selling this market, it looks very well supported.
Written by FX Empire