The Australian dollar fell during most of the session on Wednesday, but turned around to rally during the US trading. We are testing the 0.80 level as I
The Australian dollar fell during most of the session on Wednesday, but turned around to rally during the US trading. We are testing the 0.80 level as I write this, and I recognize that there is a significant amount of resistance above that level. Because of this, I need to see a daily close above that level to start buying. I believe that we could eventually break out to the upside, and go much higher but in the meantime, I think that it’s probably best to sit on the sidelines as the market tries to build up the proper momentum.
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.
