The AUD/USD pair rose slightly during the course of the day on Thursday, but turned back around to form a bit of a shooting star. We believe that the Australian dollar will continue to struggle, as evident by the selloff we saw late in the Wednesday session. Given enough time, we believe that the market will probably reach back towards the 0.7150 level, and if we can break below there we will drift down to the 0.70 handle. Even if we do rally at this point in time, we are very cautious as it seems like gains can simply not be held onto.
