The AUD/USD pair initially fell during the day on Wednesday, but then turned back around to form a bit of a hammer. This hammer of course suggests that we are going to see a bounce from this point in time, but we believe that the pair is hopelessly bearish at the moment and that this will simply offer a nice selling opportunity at the higher levels just above. We have no interest in buying, and believe that this market will reach towards the 0.70 level given enough time. Gold markets certainly are not helping the Aussie either.
