The AUD/USD pair initially tried to rally during the course of the session on Friday, but turned back around and crashed into the 0.76 handle. Even if we break below there though, we feel that the 0.75 level below is still psychologically significant, so quite frankly it’s difficult to sell this market. We don’t want to buy it either, so this point in time we are on the sidelines. Any rally at this point in time should end up being a selling opportunity when we run out of momentum, and that’s exactly what we are waiting to see.
