The AUD/USD pair initially tried to break out to the upside on Wednesday, but turned back around to form a shooting star. Looking at this market, you can see that the market continues to go sideways overall. With this, the market should then head down to the bottom of the consolidation area, but quite frankly, this is a market that is so tight that we have no interest whatsoever in trading it, at least not until we get below the 0.77 handle. At that point in time, we anticipate that the Australian dollar will then head to the 0.76 handle. We believe that the 0.80 level above is the ceiling in this market.
