The AUD/USD pair initially tried to rally during the day on Wednesday, but turned around to find selling pressure again. I think that the 0.75 level underneath should be supportive though, so I’m waiting to see whether we get some type of bounce or hammer or something like that to start going long. Ultimately, the gold markets have an influence on the Australian dollar, so given enough time I think they will have to move together, and gold is presently looking for support at the $1200 level. Watch both markets, and trade accordingly.
Written by FX Empire