Enter your emailThis is a situation where the traders will continue to look at this area as the gateway to much lower pricing.has gone back and forth during trading on Monday as we continue to threaten the 0.67 level.
We have pierced that level a couple of times now, so it should not be a huge surprise to see that there is a big fight on her hands. This is an area that has been important multiple times in the past, and most certainly will attract a lot of attention if we were to break through it. Ultimately, I do think this is a situation where the traders out there will continue to look at this area as the gateway to much lower pricing.
These big levels typically open up huge moves, but it may take a while to get there. I think that the 0.65 level makes quite a bit of sense based on history and the fact that the market seems like large numbers like that.
Given enough time, we are more likely than not going to see more of a “fade the rally” type of attitude. If we were to break down below the lows, it’s going to get ugly really quick as the Aussie has very little in the way of support underneath.