The AUD/USD pair broke down during the course of the session on Friday, clearing the bottom of the shooting star that had formed on Thursday. Because of this, it looks like the markets ready to head to the lows again, somewhere near the 0.76 level. Expect a little bit of volatility here and there, but quite frankly it’s only a matter of time before the market sells off every time that we see a little bit of strength. With this, we are very bearish of the Australian dollar as the US dollar continues to be the most favored currency in the world.
