The AUD/USD pair tried to break above the 0.8 level during the session on Wednesday, but as you can see the market pushed back down as the Australian dollar continues to struggle. This would’ve been exacerbated by the fact that the Federal Reserve cut its quantitative easing buying 10 billion during the session. With that being the case, we feel that this market will continue to weaken as the Australian dollar itself has been a bit of a punching bag. The shape of the candle suggests that indeed the selling pressure is stepping up, and as a result we are sellers.
