The AUD/USD pair went back and forth during the course of the day on Thursday, as the 0.75 level offered resistance. Because of this, we feel that the market will eventually break down, but we could get a bit of volatility in the short-term. We prefer to sell short-term rallies, as they offer “value” in the US dollar as the Australian dollar simply is not one to own at the moment. The commodity markets of course are going to be soft, and with all of the issues in Greece, safety currencies are the ones to own at the moment, which of course means the US dollar in this particular pair.
