The AUD/USD pair did almost nothing during the session on Monday, showing that perhaps the rally is running out of steam a little bit. That being the case, we feel that this market will more than likely continue higher, especially considering that the nonfarm payroll number comes out later today, and could really beat up the value the US dollar. If the number is low, it will make the market begin to appreciate the fact that the Federal Reserve simply cannot taper off of quantitative easing anytime soon. In a situation like that, the Australian dollar should do fairly well as gold markets should take off to the upside.
Written by FX Empire