The AUD/USD fell, and fell hard in Wednesday trading. Action like this is always very bearish, but it should be noted that a lot of things sold off – and not all of them correlated. In other words, there was a lot of forced selling by overleveraged hedge funds as oil sank. The 1.05 level should still be supportive. We look for supportive action in that area to buy again.
Written by ForexMansion.com