The AUD/USD pair went back and forth during the course of the day on Wednesday, essentially settling nothing. However, it appears that the market is not willing to put a lot of faith into the Australian dollar, as the recent surge after the rate statement really hasn’t produced much in the way of longevity. We believe that rallies will continue to be selling opportunities in this market, and as a result we remain bearish. We recognize that the 0.75 level above is a significant ceiling, so we need to get above there before we can even think about buying.
