AUD/USD had a wild range on Wednesday, as traders originally bought the Aussie in large amounts, only to pullback later in the session. The risk off trade
AUD/USD had a wild range on Wednesday, as traders originally bought the Aussie in large amounts, only to pullback later in the session. The risk off trade came back into vogue when reports of disagreements came out of Europe, and this sent riskier currencies like the Aussie down in the US session. The shape of the bar is a shooting star, and although not at the top of the range like we normally look for, shows just how hard it is going to be to rally above the massive 1.03 – 1.05 resistance level. The pair remains a “sell the rally” pair in our eyes.
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.
