AUD/USD rose quite nicely on Monday as traders not only went for commodity currencies, but risk overall. The gold markets did well, and this is normally good for the Aussie. The pair has broken above the all-important 1.04 to 1.05 area, and we think that the next leg of a bullish move could be starting at this point. Because of this, we like buying the Aussie on dips as long as we can stay above 1.04 in this pair. Selling isn’t an option until we close sub-1.04 as we see this as the most important area currently.
Written by FX Empire