The AUD/USD pair rose during the session on Monday, to break above the 0.98 handle. However, this market has been sold off so drastically that we are very hesitant to buy the Australian dollar right now. Quite frankly, we feel that a bounce all the way up to parity is very possible, and we also feel that the parity level may be an excellent place to start selling again if we get the right resistive candle. That being the case, we are simply in a holding pattern as we wait to see if we get a resistive candle to start selling again.
Written by FX Empire