The AUD/USD pair initially rose during the session on Tuesday, but pulled back in order to form a shooting star. The shooting star is preceded by a hammer, so we feel that this market is more or less telling us that we are going to consolidate around the 0.9250 handle, which is an a big surprise considering that it is important on a longer-term outlook as well. Because of this, we believe that the market needs to break the top of the range for the session on Tuesday in order to start buying, but if we get a significant break down below the bottom of the hammer on Monday, we think the market could very easily pullback to the 0.91 handle.
