The Australian dollar initially tried to rally during the day on Monday, but gold markets have rolled over enough to put serious pressure on the Aussie. However, I do see support just below so I think that if we do roll over from here, it will be short-term only. I don’t think that the market is currently ready to make a serious attempt to go lower, but then again, I don’t think there’s enough momentum to push this market higher either. I think we are going to go back and forth around the 0.80 handle, and until we get some type of impulsive move, this is a short-term market that scalpers will be attracted to.
Written by FX Empire