The AUD/USD pair went back and forth during the course of the session on Thursday, testing the 0.70 level. With that being the case, the market looks as if it could rally from here on a bounce, but at this point in time we do think that there is a significant amount of resistance above at the 0.72 level. With this, the market should offer a short-term buying opportunity on a break above the top of the range for the session on Thursday, only to turn back around and fall. If we break down to a fresh, new low, this market could break down to the 0.68 handle.
