Forex Trading: AUD/USD Holding Back

After a rally in equity markets like we’ve seen over the last few sessions, one would have expected the Aussie to appreciate with the Euro and Kiwi, especially with the strong sentiment in regards to the Australian economy, but it has fallen back somewhat.

After breaking some rumored barriers right after the NY close, the AUD/USD retraced some of its gains and has ranged throughout the Asian session as have most correlated currencies. A couple of perspectives and varying levels on the pair are below on the 4-hour chart and the daily chart, we will watch all the levels closely as it is unclear what the short-term goals are for the pair.

However, it should be considered that a further appreciation after breaking critical levels is possible, particularly if global equity markets continue to rally throughout the last trading day of the week.

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