The AUD/USD pair went back and forth during the session on Tuesday, testing the 0.75 level. However, that is an area that has been so resistive that we don’t believe that the market is going to break above there anytime soon. Even if we do, we think that there is a massive amount of resistance just above and as a result there’s no interest in buying by us, as we feel that the Australian dollar will continue to suffer overall as gold markets are simply flat. We believe that a break down below the 0.7350 level should send this market looking for the 0.70 level.
