The AUD/USD pair rose during the session on Monday, breaking back above the 0.94 handle. Because of this, we feel that this market was primed to bounce even higher, and we believe that the 0.95 level will in fact be taken out eventually. However, it is prudent to wait until we break to a fresh new high as it would show a pickup in momentum, rather than trying to guess when the buyers finally breakout. If this pair pulls back a bit though, we think that supportive action will make a nice buying opportunity.
Written by FX Empire