The AUD/USD pair initially rallied during the course of the session on Tuesday, but gave back about half of the gains. That being the case, the Australian dollar still looks like it’s ready to sell off, and we believe that the 0.85 level above is massively resistive. This is a market that is certainly in a downtrend, and therefore we have no interest in buying it. With that being the case, we are looking for resistive candle in order to sell, and we believe that ultimately the market goes down to the 0.80 handle.
