The AUD/USD pair had a positive showing on Tuesday as the commodity markets did quite well. The Australian dollar tends to correlate quite heavily with the gold markets, and today was simply a “catch-up session” as we have seen gold rise fairly well over the last couple of sessions. We are struggle that the 1.05 level, which of course makes sense as it is a minor resistance area, but we still see this market as being bullish. If we can get some type of pullback that shows support, we would be more than willing to start buying at this point. It’s at the 1.06 level that we run into significant resistance, as it is the top of the larger consolidation area. If we can get above that, this market can really start to take off.
Written by FX Empire