The Australian dollar initially fell during the day on Wednesday, but turned around to form a relatively supportive looking candle. There is a lot of noise above though, so I’m not willing to start buying at this point. A break above the 0.7750 level could send this market higher, and that of course would be very positive as we continue to build out bullish pressure. Pay attention to the gold markets, if they continue to go higher it should push the Aussie higher as well. Pullbacks should find plenty of support below so I look at them as potential “value” that I can take advantage of.
