The AUD/USD pair fell hard in the latter hours of the Tuesday session. The market looks more and weaker over time, and as the market is sitting at the 50% Fibonacci retracement level it could be choppy in the immediate area. The global markets seem to be returning to the “risk off” attitude, and this pair will suffer. The commodity markets overall are falling, and as long as this is true this pair will fall. The 1.01 level is the 61.8% Fibonacci retracement level, and this could very well be our next stop. As a result – we aren’t buying or selling as this pair has far too much in the way of support and fundamental problems at the moment.
Written by FX Empire