The AUD/USD pair initially tried to rally during the course of the day on Monday, but found enough resistance above the 0.75 level to turn things back around and form a shooting star. The shooting star of course signifies that the sellers are coming back into the market place, so therefore we don’t have any interest whatsoever in buying. If we can break down below the recent low now, we would continue to sell the Australian dollar as it has been so soft for so long. In fact, we anticipate that this market will probably head towards the 0.70 handle given enough time.
