The AUD/USD pair broke out above the 0.75 handle during the day on Tuesday, showing signs of it going higher. Because of this, and the gold market pressing higher, it’s very likely that the market will then reached higher levels, perhaps the 0.7650 handle. Alternately, if we turn around and fall below the 0.75 level, that would of course be a very negative sign. We are a bit overbought at the moment, so having said that I’m a bit leery about buying at these elevated levels, but I can’t argue the fact that we have shown so much strength.
Written by FX Empire