The AUD/USD pair broke higher during the course of the day on Wednesday, clearing the 0.88 level but not clearing the resistance above. Because of this,
The AUD/USD pair broke higher during the course of the day on Wednesday, clearing the 0.88 level but not clearing the resistance above. Because of this, we are still suspicious of the Australian dollar, and although we know that gold is on the precipice of making a break out to the upside, we are still not comfortable buying the Aussie until we get above the 0.9050 level, which is quite a bit above current levels. Ultimately, if we get a nice-looking resistive candle though we are willing to start selling as the downtrend is still in effect.
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.
