The AUD/USD pair initially fell during the session on Thursday, but found enough support below to turn things back around and form a reasonably positive candle. We believe that the market is now going to try to get to the 0.79 handle, where it should face resistance yet again. We believe that the market has overextended itself so we are a bit cautious about buying. Quite frankly, if you are going to start buying the Australian dollar you needed to do it a couple of days ago. At this point in time you’re simply chasing the trade which is a great way to lose money.
