The Australian dollar rallied a bit during the day on Wednesday, but found a bit of resistance at the 0.77 handle. Nonetheless, I believe that it’s only a matter of time before the Aussie continues to climb, so I have no interest in shorting. I believe there is a significant amount of support near the 0.76 level underneath, and that we are going to try to reach the 0.7750 level above. Looking at the chart, I recognize that the 0.7750 level above should continue to be resistance, and if we can break above there the market should then reach towards the 0.0 level. I have no interest in shorting, gold looks healthy so by extension the AUD/USD pair should.
Written by FX Empire