AUD/USD initially fell during the session on Monday, testing the 0.8950 handle. However, we managed to bounce significantly after that, and challenge the 0.9050 level. We’ve not broken out to the upside though, so we feel that we’re simply continuing the consolidation that we have seen over the last couple of weeks. Longer-term, this market has been negative, but it appears that we are very comfortable at the 0.90 handle, and therefore have to wonder whether or not this is anything more than a scalper’s market at the moment. Going forward, we need to see and an impulsive candle in one direction or the other to actually risk capital in this market.
