The AUD USD pair initially rally during the Monday session, but fell in order to test the 1.0250 area. This market has been consolidating between 1.02 and 1.0370 lately, and as a result this is simply a continuation of that move. It isn’t until we get below the 1.02 level on a daily close that we are willing to sell the Australian dollar however, and as a result we look at this as a very short-term trader’s type of market. At this point forward, we feel that this market will continue to consolidate, but if we do break below the 1.02 level, we would become aggressively short.
Written by FX Empire