The AUD/USD pair rose during the session on Monday, but as you can see failed at the 0.93 area in order to form a shooting star for the day. Although having said that, we did gap higher at the open which of course is a strong signal. Nonetheless, we think that the short-term move is probably back down, and then eventually we will breakout to the upside. We still see the 0.95 level as being very resistive, and because of that we do not think that there is a whole lot around to the upside in less you are a short-term trader. Ultimately, we think the Federal Reserve will determine the value of this pair soon.
Written by FX Empire