The AUD/USD pair had a strong showing on Tuesday, after the RBA minutes came out suggesting that the Aussie economy was doing a little better than anticipated. However, we still see a significant barrier of resistance just above the 1.04 level, and as a result are ready to start buying quite yet. In fact, we think this is more or less a consolidating market in the short term, but we do favor the Australian dollar over the longer term. With this being said, we’re going to look the market pullback towards the 1.02 level in order to buy a supportive candle at a lower price.
Written by FX Empire