The AUD/USD pair rose during the session on Tuesday, but failed to crack above the 1.04 level, as we had anticipated. This area will continue to be resistance, as it is the “middle point” of a much larger consolidation rectangle. With this being the case, this pair will more than likely struggle to get above this level, we do feel that eventually it will. That is why on a daily close above the 1.04 handle, we are perfectly fine going long of this pair. As far as selling is concerned, we have absolutely no interest in doing so.
Written by FX Empire