The AUD/USD pair rally during the session on Tuesday, only to turn around and all in the end. This formed a shooting star the 1.05 level, and this does of course look very bearish. It should be noted however, that we are currently in an up trending channel. And, we are currently at the top of that up trending channel. It may be that we are due for a pullback, and if that’s the case we should see support at the 1.03 level. It is because of this, that we look to buy this market but at lower prices. As for shorting it, we aren’t interested as we feel the downside is very limited at this point in time.
Written by FX Empire