The AUD/USD pair went back and forth during the session on Monday, eventually going nowhere. We are sitting on significant support, and as a result this market looks like it’s trying to form a little bit of a base, or is simply taking a breather. The 0.9650 level is the bottom of a massive consolidation area based upon weekly charts, and we believe that this level will be difficult to break down below. Because of this, we are watching this market, but not prepared to sell it quite yet. A break of the recent low would be enough to get us to start doing that, while a break above the 0.99 handle would be enough to get us to start buying again.
Written by FX Empire