The AUD/USD pair initially broke higher during the course of the session on Wednesday, but found enough resistance near the 0.74 level to turn things back around. With that being the case, the market ended up forming a shooting star which of course is negative. If we break down below the bottom of that candle for the Wednesday session, we are sellers as the market should then head back to the 0.7250 level given enough time. Ultimately, we believe that this market continues to grind sideways with a negative bias. The fact that we could not gain while gold did tells us just how soft the Australian dollar is.
AUD/USD Forecast August 20, 2015, Technical Analysis