The AUD/USD pair did very little during the session on Monday, as we lost a slight bit of value. However, this market seems content to bounce around between the 1.05 handle, and the 1.06 level. Until we get above the 1.06 handle, we are not bullish of this pair as we think it is a significant resistance area. However, we certainly do not want to short this pair, and as such are very flat at the moment. However, if we do get that move above the 1.06 handle, we expect to see this market run to the 1.08 level, and then on to the 1.10 level.
Written by FX Empire