AUD/USD fell on Monday, but managed a bounce again as American traders continue to ignore any signs of global economic issues. The pattern has been the same for a while: Asians and Europeans tend to sell off risk assets such as the Aussie, and Americans continue to buy them. On the daily chart, the candle looks like a hammer trying to form, and this is a supportive sign. However, the 1.05 level is just above, and is certainly resistive. The chart calls for consolidation between 1.02 and 1.05 or so.
Written by FX Empire