The AUD/USD pair rose during the session on Monday, but found enough resistance in the vicinity of the 0.94 level to push the market back down and form a shooting star. The shooting star suggests that the market will return to lower levels, staying within the previous consolidation area. Just above the 0.9250 level we see a significant amount of support, and as a result a return to that area should represent a nice short-term buying opportunity. If we do close below the 0.9250 level, we feel this market will start falling much farther, down to the 0.90 handle.
Written by FX Empire