The AUD/USD pair had a positive showing on Monday, but still remains well underneath the massive resistance barrier that needs to break in order to truly become a bullish proposition. The 1.06 level has been a massive headache for the buyers of the Australian dollar, and as a result if we get a daily close above that level we believe that this market will go much, much higher. Is because of that that we are more than willing to buy that breakout as we think based upon recent consolidation that we could see a move up to 1.10 if that happens. As far as selling is concerned, we are not interested as there is far too many minor support areas below.
Written by FX Empire