The AUD/USD pair broke out to the upside during the session on Thursday, but as you can see is still very much so in a downtrend. Because of this, we feel that simply waiting for a resistive candle is the best way to go in this market. This is a market that should continue down towards the 0.75 handle, and as a result we are willing to take advantage of short-term selling opportunities based upon rallies. Any rally at this point time has to be looked at with suspicion, and we believe that the ceiling is at the 0.80 handle.
