The AUD/USD pair fell during the Monday session as the consolidation in this market continued. The 1.08 level has continued to show real strength as a resistive level, and the 1.06 level has been very supportive at the same time. Because of this, the pair looks as if it is simply taking a rest after the nice run up it had from the previous move. The 1.04 below is still very supportive as well in our view, and we still think 1.12 is a doable target in the end. On signs of support at 1.06, we are willing to buy, and if we don’t get it – we are even more interested at the 1.04 level.
Written by FX Empire