The AUD/USD pair had a strong showing on Tuesday after the slightly bullish candle on Monday. We are now at the very top of the range, which of course is bordered by the 1.06 handle which has been so resistive as of late. If we can get above that level, this breakout should have this market looking for the 1.10 level. This is based upon the idea that we have been consolidating between 1.02 and 1.06 over the last couple of months. By adding 400 pips to the breakout level, you get your potential target. As for selling, we see far too much support at the 1.05 level to do so.
Written by FX Empire