The AUDUSD pair fell during the course of the session on Monday, but found enough support near the 0.7350 level to turn things back around and bounce.
Because of this, we ended up forming a hammer so this tells of course suggests that there is bullish pressure underneath.
That bullish pressure could very well send this market looking for higher levels but we feel that the 0.75 level will continue to be massively resistive.
With that being the case, we think that it is probably best to sit on the sidelines and wait for resistive or exhaustive candles in order to start selling yet again.
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.
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