The AUD/USD pair initially tried to rally, but then turned back around to form a rather negative candle. The 0.72 level below was tested, and as a result it appears that the market could eventually break down below there. If it does, at that point in time we think the market will then try to grind its way down to the 0.70 level. Rallies at this point in time might be a bit difficult to handle, as there is so much in the way of noise above. Ultimately, we do think that the Australian dollar will probably soften up.
