This pair popped higher today before giving up all of its gains into the close following the pin bar buy signal we discussed in our market commentary yesterday. From here we still see potential for the market to move higher and the sell-off that occurred this afternoon / evening could just be the big players trying to scare retail traders out of their long positions. The trend is up on the weekly, so the upside is definitely the more likely scenario.
The AUD/USD produced a false-break of key resistance today at 0.9100. From here we would not be surprised to see a sell-off as this is the 4th time this market has failed to push above this level in the last couple of months.
This price action trading commentary is published by Lewis Barber and represents his current view of the forex market.