The AUD/USD pair broke higher during the course of the day on Monday, testing the 0.88 handle for resistance. With that, the market appears to be
The AUD/USD pair broke higher during the course of the day on Monday, testing the 0.88 handle for resistance. With that, the market appears to be consolidating in this general vicinity, and we would have quite a bit of interest in shorting a negative candle in this area. If the market gets that, we think that ultimately we will break down below the current consolidation area, and head to the 0.85 handle. We have no interest in buying, and if we break above the 0.88 level, we feel that the 0.90 level above will be the ceiling anyway.
AUD/USD Forecast October 7, 2014, Technical Analysis
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.
