The AUD/USD pair fell during the course of the session on Wednesday, testing the 0.70 level for support. We ultimately formed a hammer here, so we feel that a break above the top of the hammer is a buying opportunity, but for short-term trades only. The 0.72 level will more than likely offer a bit of a ceiling in this marketplace as the downtrend is most certainly significant and has been brutal. Commodities continue to sell off, and Asia slows down, both of which are really negative signs for the Australian dollar and the economy.
