The AUD/USD pair fell during the session on Tuesday as the markets continue to churn just above the 1.05 level. However, we do see the bullish case being made and the upside pressure being laid on in this marketplace and expect the 1.06 level to finally give way in the near-term. Once that happens, we suspect that this pair will go as high as 1.10 as based upon the measurements we take of the longer-term consolidation area we would be breaking out of. With this being said, we are very bullish of the Australian dollar, and will not sell it at this point.
Written by FX Empire