The AUD/USD pair did almost nothing during the session on Monday, continuing the consolidation that we’ve seen recently. The real question now is whether or not this is accumulation, or simply a bit of sideways action before we break down significantly. On a daily close below the 0.9080, we think this market goes all the way down to 0.8 a in relatively quick fashion, but we also recognize the fact that this market could bounce from here. If it does, we would expect the 0.9250 level to be extreme resistance as it was such an important support level previously..
Written by FX Empire