The Australian dollar rally during the week, slamming into the 0.75 handle. We struggled to get above there, so now it’s going to be interesting to see
The Australian dollar rally during the week, slamming into the 0.75 handle. We struggled to get above there, so now it’s going to be interesting to see where we go next. There was an uptrend line previously that would coincide with a move towards the 0.77 handle if we break out to the upside. I think the market is going to run into some significant headwinds just above, and is going to be difficult to hang onto a trade for any real length of time if we are higher. As far selling is concerned, there’s quite a bit of bullish pressure as well, so I feel that the market is probably best played off short-term charts.
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.
