The Australian currency experienced a volatile session yesterday due to an initial shot higher with gold. But decided to sell off as the market needs for another leg found at the 0.74 handle, the support was found but rebounded.
The market appeared to be slightly mixed-up as of the moment and attempted to estimate the risk of the political uncertainties in Washington DC.
Based on a longer-term perspective, the market needs to maintain a bullish attitude only when the gold markets engage in the rally. It remains to have lots of noise though, a smaller position would be better while the Aussie continued to accelerate.
Meanwhile, charts showed some activity of buying on the dips which could be a good idea in trading in the market.
The level below 0.74 must provide a massive support because a breakdown under this range will generate a negative signal. Consider the potential gap within the upward bias, so it is advisable to hold for small positions on near-term charts generating short-term gains.
In case that we cut through above the mark 0.75, it will favor for a longer-term position. In this point in time, riding the market would let you experience emotional highs and lows.
As indicated in the previous charts and sessions, making money is easy in both directions but the market is currently choppy. It does not offer any signs as of now, causing the participant to endure difficulty in driving the market.