The AUD/USD pair initially tried to rally during the course of the day on Wednesday, but turned back around near the 0.71 level in order to fall significantly and form a bit of a shooting star. Because of this, we feel it’s only a matter of time before we break down, and a move below the 0.70 level should be a selling opportunity. We have no interest in buying this market at the moment, and if it rallies we will simply look for resistive candles above to start selling again. We believe the US dollar will continue to be favored overall, and that of course will have a massive effect on this market.
