The Australian dollar initially fell on Monday, but found enough support just above the 0.79 level to shoot higher. Pay attention to gold, it tends to move in lockstep with this market, and it seems to be one of the main drivers of the Aussie going forward. The biggest concern I have is that the 0.80 level above is massively resistive, as it is a significant level on charts going back decades. The 0.79 level underneath should offer short-term support, so it’s possible that I could find buyers underneath, and offer little bits of trading opportunity to the upside. Nonetheless, I think that this market is probably going to be very difficult.
Written by FX Empire