The Australian dollar broke out during the week, clearing the 0.80 level. This is a very bullish sign, and I believe that short-term pullbacks will
The Australian dollar broke out during the week, clearing the 0.80 level. This is a very bullish sign, and I believe that short-term pullbacks will continue to be buying opportunities. If we can clear the top of the candle for the week, I think that the buy-and-hold trading public will come out as well. And I would point out that breaking above the 0.80 level is in fact a very bullish sign. Ultimately, the market could go as high as parity, but obviously that is a very long-term call. I have no interest in selling the Aussie dollar if we can stay above the 0.7750 level.
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.
