The Australian dollar fell during most of the session on Wednesday, but turned around to rally during the US trading. We are testing the 0.80 level as I write this, and I recognize that there is a significant amount of resistance above that level. Because of this, I need to see a daily close above that level to start buying. I believe that we could eventually break out to the upside, and go much higher but in the meantime, I think that it’s probably best to sit on the sidelines as the market tries to build up the proper momentum.
Written by FX Empire