The AUD/USD pair initially tried to rally during the course of the day on Tuesday, but found the markets disagreeable. With that, we have broken down below the bottom of the hammer from the Monday session, and as a result we think the Australian dollar should continue to go lower. The 0.88 level is the target that we have been talking about for some time now, and it does in fact seem that the market is ready to head towards that direction. Down there, we would expect to see a significant amount of support, so we think this is a short-term selling opportunity for the time being.
