The AUD/USD pair fell during the session on Tuesday as the 1.04 level offered far too much resistance. We had suggested previously that perhaps this level was going to be resistant, and that the 1.03 level could be supportive. With that in mind, it looks like we’re going to consolidate in the short term, and simply grind sideways in a fairly tight range. Unless you are a short-term trader, this market will not be very conducive for trading. The 1.04 level above has plenty of resistance above it, while the 1.03 level below has just as much support under it. Because of this – we are very neutral on this pair.
Written by FX Empire