The AUD/USD pair initially rallied during the session on Tuesday, but as you can see gave back quite a bit of the gains in order to form a shooting star. We still think that the 1.04 level below should be significantly supportive, so this is more indicative of consolidation than anything else as far as we’re concerned. With that being the case, we simply aren’t interested in this market today, as we think it will be choppy at best. However, we do like this pair above the 1.05 level; we think it’s only a matter of time before we hit 1.06 in this pair if we can get above that level.
Written by FX Empire