The AUD/USD pair went back and forth during the session on Monday, hovering around the 1.0250 level. The resulting candle is very neutral, and therefore represents a very confused market at the moment. We still see the 1.02 level as a buying area, as it is the bottom of the overall consolidation. With that being the case, we want to see some type of supportive candle down there that area to start buying the Australian dollar. If we managed to break down below the 1.01 handle however, we would have to become very bearish of the Aussie, as it would show a real breakdown in support.
Written by FX Empire