The AUD/USD pair initially tried to break out during the session on Wednesday, but with the Federal Reserve stepping in and releasing a hawkish statement, the market broke back down below the 0.88 level during the day. Because of this, we believe that the Australian dollar will continue to break down a bit, and the gold markets of course were selling off as well so it makes sense that we continue to see bearish pressure going forward. We believe that the Australian dollar will eventually hit the 0.86 level, and then possibly much lower than that.
