The AUD/USD pair tried to rally a bit during the session on Wednesday, but as you can see only bounce slightly. Quite frankly, this is a market that looks very be down, and we think that rallies will continue to be selling opportunities. With that, it’s likely that the market will be driven by short-term traders, looking to sell rallies as they appear. The 0.90 level will be very resistive as far as we can tell, just as the 0.88 level looks to be fairly supportive. We have a negative bias, but recognize that a bounce is needed.
