The AUD/USD pair fell during the course of the session on Wednesday, but found the 0.92 level to be supportive enough to keep the market afloat. Because
The AUD/USD pair fell during the course of the session on Wednesday, but found the 0.92 level to be supportive enough to keep the market afloat. Because of this, we think that the market may decide to consolidate in this general vicinity, meaning that short-term traders will take over. A move above the 0.9275 level or so would have a buying though, and with that we would very bullish. On the other hand, a break down below the bottom of the consolidation area near the 0.92 level has us selling this market as it would show a significant break down.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
