The AUD/USD pair fell significantly during the session on Tuesday, but as you can see the 0.9650 level has offered support again. This area has been very supportive recently, and it is important from a longer-term perspective as well.
If we can get below that recent low that was formed last week, this market could really start to come undone. This is roughly the 0.95 handle, so a daily close below that level will should see us aiming for the 0.90 handle over the longer term. On the other and, if we could somehow get above the 0.99 handle, we think that this market would suddenly be shipped the momentum and perhaps aiming towards the top of the recent consolidation, which is at the 1.06 handle.
Written by FX Empire