The AUD/USD pair rallied on Monday, testing the 0.75 level above as resistance. This is a market that looks likely to test this area, and if we can break above there and close above and on a daily chart, I feel that the market will reach towards the previous uptrend line. On the other hand, we could pullback from here and reach towards the 0.7450 level underneath. A break down below there would send the market down to the 0.73 level at that. An exhaustive candle is really what I would prefer to see, but I will have to wait and see what the market tells us.
Written by FX Empire