The AUD/USD pair went back and forth during the course of the session on Monday, showing the 0.9350 level to be supportive again. This area is the site of the recent breakout, so it’s not a big surprise to us that it could find some support here. We believe that ultimately this market should head to the 0.95 handle, and fully recognize that this area is quite congested and noisy. Because of this, we are on the sidelines at the moment but do recognize that longer-term traders should have more of a positive bias at this point in time.
