The AUD/USD pair initially broke higher during the course of the session on Tuesday, but found enough resistance above the 0.7650 level to turn things back around and form a shooting star. That shooting star of course suggests that the market is going to go lower, and therefore we are very bearish of the Australian dollar. We believe that ultimately the Aussie will drop down to the 0.75 handle given enough time. With this, we are sellers on rallies, and believe that there is a ceiling in the market at the 0.80 handle.
