The AUD/USD pair initially rose during the Wednesday session before falling again in the afternoon. The pair remains under the 1.05 level, and it appears sellers have stepped into the pair once we got close to it. With this in mind, we think the bias is still to the downside, and a breaking of the bottom of this shooting star-shaped candle would have us considering selling. It should be noted however, there is a set up in the GBP/USD that looks very much the same, but with a clearer path to the downside. We won’t buy until the daily chart closes well above the 1.05 level.
Written by FX Empire