The AUD/USD pair rose during the session on Monday, but fell backwards as the buyers lost control. The resulting candle is a shooting star, which is of course a very bearish sign. That being the case we feel that this market is probably going to try to break down a little bit but we also see that there is a significant amount of support at roughly 0.93 or so. That being the case, we think that the market could continue to fall from here but the reality is that it’s probably easier to buy a supportive candle just below current pricing that it is the try to short through all of the support.
Written by FX Empire