The AUD/USD pair initially tried to rally during the session on Monday, but as you can see the parity level offered enough resistance to send the market lower. We now find this market at roughly 0.9950, and it appears that we are clearing the parity support level. That being the case, we can see a move down to the 0.970 in the short term, and do believe that the Aussie will continue to face pressure going forward. Quite frankly, the best trade here would be to wait for some type of pullback or bounce that forms a resistive candle and then shorting it. However, we would also consider shorting this market on a break of the lows from the Monday session, which is something that may be more likely.
Written by FX Empire