The AUD/USD pair sold off drastically during the course of the day on Monday, as global markets melted down. However, we found enough support just above
The AUD/USD pair sold off drastically during the course of the day on Monday, as global markets melted down. However, we found enough support just above the 0.70 level to turn things back around and form a massive hammer. This could show some type of serious barrier just below, and if that’s the case we think that a move higher could be coming. However, it is so volatile right now that we dare not risk any real amount of money at this point in time. We will stay on the sidelines and simply wait to see whether or not we get an opportunity to place a well-defined trade.
AUD/USD Forecast August 25, 2015, Technical Analysis
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.
