The AUD/USD pair initially tried to rally during the course of the day on Tuesday, but struggled above the 0.70 level. Because of this, we did up turning back around and forming a shooting star. The shooting star of course is a negative sign, and as a result it looks like there will continue to be bearish pressure on the Australian dollar itself. On the other hand, if we can break above the top of the resistance barrier at the 0.7050 level, short-term buyers may step into the marketplace and push the Aussie higher.
