The AUD/USD pair fell during the session on Monday as the “risk off” trade came back into play. However, with the hurricane bearing down on the New York/New Jersey area, we saw much less liquidity in the US trading hours than we are used to. With this being said, the marketplace is in a bit of a malaise, and as such it is hard to glean any type of a viable trading signal from the Monday action.
Looking towards the Tuesday session, it appears that we are dead smack in the center of a massive consolidation area, and with a hammer being formed on Friday, and a shooting star being formed on Thursday – we have a hard time taking a decision in either direction at this point time. Simply put, we will be on the sidelines for the time being.
Written by FX Empire