The AUD/USD pair rallied after initially falling on Tuesday. The 0.79 level underneath offered enough support to cause the bounce, and it now looks likely
The AUD/USD pair rallied after initially falling on Tuesday. The 0.79 level underneath offered enough support to cause the bounce, and it now looks likely that it will offer a bit of a floor in a market that is very bullish in general. The gold markets of course have a significant effect on the markets also, so I don’t have any interest in trying to fight the overall pressure. I think if we can stay above the 0.79 handle, short-term traders will continue to buy the dips. Breaking above the 0.80 level will be difficult though, so keep that in mind.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
