The AUD/USD pair rose during the session on Monday, but still reigns contained within the shooting star that defined last week on the weekly chart. As you can see, Wednesday formed a wicked looking shooting star as well, and as such we still see this area is being resistive and not broken to the upside. With this in mind, we do not favor going long this market at this point time, and actually would like to see a move lower that would be much easier to take. Currently, if we were forced to take a long position in the commodity currency, we would favor the New Zealand dollar.
Written by FX Empire