The AUD/USD pair went back and forth during the Monday session, only to essentially go nowhere. This market looks very confused at the moment, and we do think of the 1.05 level is still the key to higher prices. Since we could not close decisively above it, we still don’t think of this market as being “broken out.” With that being said, we don’t a silly want to sell either, as we see quite a bit of support all the way down to the 1.04 handle. In other words, we are willing to buy this market if we get a daily close above the 1.05 handle, otherwise we are flat.
Written by FX Empire