The AUD/USD pair fell during the Monday session and even touched the 1.05 area that we have been watching so closely. The 1.05 level was once massive resistance, and it could now be support. The bounce wasn’t much, but it did hold. With the Reserve Bank of Australia meeting today, this pair could move quickly. The closing of the daily candle below the 1.05 level has us shorting this pair again, and a move up would have us buying again. Either way – trading on a central bank announcement can be bad news, so we will wait until after the session to let the market tell us where it “wants” to go.
Written by FX Empire