The Australian dollar initially tried to rally during the day on Monday, but gold markets have rolled over enough to put serious pressure on the Aussie.
The Australian dollar initially tried to rally during the day on Monday, but gold markets have rolled over enough to put serious pressure on the Aussie. However, I do see support just below so I think that if we do roll over from here, it will be short-term only. I don’t think that the market is currently ready to make a serious attempt to go lower, but then again, I don’t think there’s enough momentum to push this market higher either. I think we are going to go back and forth around the 0.80 handle, and until we get some type of impulsive move, this is a short-term market that scalpers will be attracted to.
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.
