The AUD/USD pair initially tried to rally during the course of the session on Wednesday, but fell back down in order to form a relatively negative candle. Because of this, and a break below the shooting star from the Tuesday session, we feel that this market should drop down to the 0.78 level. In fact, it’s probably going to go all the way to the 0.75 level given enough time, and we do see a significant resistance barrier at the 0.80 handle. With this, we remain bearish on the Australian dollar as the commodity markets of course are providing no help.
