The AUD/USD pair attempted to rally during the Wednesday session, but found a ton of resistance of the 1.05 area. Because of this, we have formed a massive shooting star that sits just ensemble the 1.04 level, an area that we have identified is important previously. If we managed to break down below the lows of the session, this pair could accelerate to the downside and trying to aim for the 1.02 level. We believe that if this happens, it could be a relatively quick move, as the “risk off” trade certainly seems to have come back to the marketplace. As for buying, it would take a break of the top of the Wednesday shooting star.
Written by FX Empire