The AUD/USD pair went back and forth on Tuesday, essentially establishing nothing. The market right now looks a lot like “dead money”, and as a result we are more than willing to step aside. We believe that the 0.80 level above is still the “ceiling” in this market, so we have no interest whatsoever in buying, and simply are looking for some type of rally with a resistive candle in order to start selling. We would also sell below the 0.77 handle, but at this point in time we feel that it is simply far too tight of a market to be involved in.
