The AUD/USD pair broke down during the session again on Friday, but did find a little bit of support towards the end of the day. The 0.7850 level looks to be somewhat supportive, but ultimately we think that this market will continue to break down from here. A move below the 0.78 level will more than likely send this market down to the 0.76 handle over the course of the next several sessions. Any rally at this point in time would be treated with suspicion by us as we believe the 0.80 level above continues to be massively resistive.
