The AUD/USD pair broke higher during the course of the session on Wednesday, but still remains below the 0.72 level, an area that we see as the “ceiling” in this market. Ultimately, if we can get a resistive candle here, we are more than willing to start selling as this is a fairly reliable resistance barrier. We don’t really have any interest in buying the Australian dollar at the moment, because quite frankly the commodity markets and of course Asian headlines are not doing much to boost the Aussie for any real length of time.
