The AUD/USD pair has been a very difficult one to trade recently. Quite frankly, this pair “should” be going higher at this point time as there’s more of a “risk on” attitude to the marketplace. However, as the S&P 500 has risen, the Australian dollar has fallen. This is very out of sorts, and one has to wonder whether or not there is some data serious problem in Australia. Having said that, we are so bullish of the pair overall, and do believe that buying is the only route to go. Nonetheless, we do not see a buying opportunity at this point time and do suspect that the pair will continue to drift lower in the meantime.
Written by FX Empire