The AUD/USD pair fell during the session on Wednesday, breaking below the 0.90 handle. That being the case, it does look like the Australian dollar is without a doubt on the back foot at the moment. However, as you look at this chart, you can also see that the market did bounce enough to close right around that level. In other words, it is not significantly broken through the support area. If we get below the lows of the session for Wednesday, at that point time we think the market would be a massive sell. Until that, the only other trade we see is selling some type of bounce back towards the 0.93 handle that show signs of weakness.
Written by FX Empire