The AUD/USD pair rose during the session on Monday, breaking above the 0.90 handle, which of course is impressive. However, we have stated recently that we are a bit leery of going long of this market until we clear the 0.92 handle, and as a result have stayed on the sidelines. Nonetheless, we do think would be a nice trading opportunity as some type of resistant candle between here and the aforementioned 0.92 handle. It is not above there until we start buying though. That being the case, we are simply waiting to see what happens over the next couple of sessions. A move back below the 0.90 level would be enough to get us to start selling as well.
Written by FX Empire