The AUD/USD pair initially rallied slightly on Thursday, but fell hard below the 0.90 level in order to signal that we are going much lower. This support area didn’t hold at all, and as a result we think this market will more than likely head to the 0.88 handle over the course of the next several weeks. Lack of liquidity could slow that move down as we head towards the holiday season, but at the end of the day we are definitely sellers of the Australian dollar now that we have broken this vital support level.
Written by FX Empire