The AUD/USD pair fell down to the 1.02 level on Tuesday, but as you can see by the chart that quite a bit of buying interest in the general vicinity. The 1.02 level is the bottom of a much larger consolidation area, and as a result support in this general vicinity does not surprise us. If it gives way to the sellers, this could lead a rush down to the parity level in this market. However, if there was ever a spot you could expect to see some type of bounce from, this is it. With that being the case, we are going to be very interested in the daily close day, as it could tell us where the next 200 pips come from.
Written by FX Empire