AUD/USD had a very poor showing during the session on Wednesday as the market tested the 1.03 level. This level is significant support, and we also see significant support at 1.02, so difficult to get on the short side of this trade. Granted, his pair has looked fairly weak for a while, but it’s been more grind in less only trend and as a result we do simply aren’t willing to tie ever capital for a pair this going to trade like this. We still believe that as long as the stock markets go higher, there will be some bid for the Australian dollar, and as a result that keeps us away from shorting this market as there are much easier trades out there.
Written by FX Empire