The AUD/USD pair initially tried to rally during the session on Thursday, but got beat back yet again. The shooting star from Wednesday signaled that we are running into quite a bit of resistance, and now we formed a shooting star on Thursday, this only exacerbates the idea. We think this pair will eventually fall, and test the 1.02 level based upon the recent action.
Looking forward, if we can get below the roughly 1.0380 level, this market will more than likely significantly fall lower. The 1.02 level was the support area from the larger consolidation zone between itself and 1.06. The fact that we have not been able to climb to the 1.06 level has is very concerned at this point time as that normally is the first signs of an impending fall.
Written by FX Empire