The AUD/USD pair did very little during the session on Tuesday, but as you can see continues to hover around the 0.8950 level. This market looks like it wants to consolidate in this general vicinity, after breaking down below the significant 0.90 handle. That makes sense, and that’s what we expect to see happen. This is especially true now that we are during holiday hours, and the liquidity will be very low in this market. Going forward, we would expect to see any move that breaks the 0.88 handle be extraordinarily bearish, and the market should continue down to the 0.85 handle.
Written by FX Empire