The AUDUSD pair broke above the 0.75 level during the day on Monday, but we are still below the pressure that had formed a shooting star from the previous week.
Because of this I believe that the market is bullish but it is going to run into a little bit of trouble just above. I think short-term pullbacks will be needed in order to go long, and that this is a market that has so much support below that it’s difficult to short at this point in time.
Having said that, we do get a Reserve Bank of Australia interest-rate decision today, so that of course could change everything.
Editor’s Note: Equity investors/traders can use the Currency Shares Australian Dollar Trust (FXA, quote) ETF to take positions in the Aussie dollar without a FOREX account. The ETF looks to track the price of the Aussie dollar (AUDUSD), minus ETF fee. The fund seeks to reflect the price of the Aussie dollar (AUDUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.
Content curiosity of FOREXCycle
You must be logged in to post a comment.