The AUD/USD pair went back and forth during the session on Monday as the markets try and figure out whether or not the US Congress can come together to find a solution to the “fiscal cliff.” Because of this, it appears that we are still headline driven, and as a result this market should continue to be volatile.
The 1.04 level should continue to offer support, and as long we are above it, this is a “buy only” market. The gold markets will also play a part, so this currency could be a bit back and forth over the next several sessions. As a result, we are flat at the moment.
Written by FX Empire