The Aussie dollar fell initially during the course of the session on Tuesday, testing the 0.7550 handle. We turned back around to form a hammer, and a break above there would of course have this market looking for the 0.77 handle. Ultimately, we are looking for some type of resistant candle in order to start selling though, as the 0.75 level below is the target. Ultimately, if we can break below there we feel that the market should then go to the 0.70 handle. The gold markets aren’t necessarily looking like they’re on fire, so we do not believe that the Australian dollar will favored anytime soon.
