The Australian dollar tried to rally on Wednesday, but struggled a bit as we ended up forming a less than impressive candle. Because of this, I believe that the market is going to be very choppy going forward, especially if the gold markets cannot breakout to the upside. Currently, gold seems to be in a range, and I believe that the Australian dollar is as well, with the .75 level being the bottom and the .7750 level being the top. Expect choppy conditions, but it does show quite a bit of support just below.
Written by FX Empire