Good day forex traders.
The New Year celebrations are over and hope you had a good koala time! Streets are full of rubbish ya? LOL
With the forex markets still in a low volume and low liquidity condition, we would probably not see much action. Having said so do be careful of unexpected spikes.
Looking at the AUD/USD 1 hour chart above, we note that the currency pair is experiencing a sell off after the test of the resistance of 1.0260. Having said so, we see an immediate bullish trend line which may be a reference for resistance for now. If it fails, we may see further bearish momentum.
Fundamentally with many of the global economies off for the New Year holidays, we should not be expecting any major events. Having said so be careful of comments made by global leaders as any adverse outlook may ruin the sentiments. Australia is an export driven country and hence Trade Balance data would be something to look out for later this week.
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