The AUD/USD pair fell during the course of the day on Wednesday, as the area above the 0.70 level continues offer resistance. We are not surprised in this move, and we believe that a move back below the 0.70 level should send this market down to the 0.69 level again. We believe that any rally at this point time has to be looked at as a potential selling opportunity, as the Australian dollar continues to soften in general. On top of that, the gold markets got absolutely pummeled during the session, which of course is very bearish for the Aussie.
AUD/USD Forecast September 10, 2015, Technical Analysis