The AUD/USD pair shot straight up during the session on Tuesday as the world continues to look forward to more quantitative easing on Thursday out of the Federal Reserve. We cleared the 1.04 level now, and it looks like we are set to attack the 1.05 level. However, there is quite a bit of noise between here and there, and as such we could see a bit of a pullback.
This pullback would of course be welcome, as it would give traders an opportunity to join in on the upside. As for selling is concerned, the only way we see that being a possibility at this point in time is if the Federal Reserve chooses to do nothing. If that’s the case, this pair could have pretty wicked selloff in reaction. However, that would more than likely only give us an opportunity to buy at lower prices.
Written by FX Empire