The AUD/USD pair bounced off of the 0.70 level, as we continue to find quite a bit of consolidation and perhaps support in this general vicinity. However, if we rally in the meantime, we think that is going to be an excellent selling opportunity as the 0.72 level above is massively resistive and should turn this market back around in favor of the US dollar. Ultimately, we should then head towards the 0.69 level on pullbacks and of course failures. If we do break above the 0.72 level, we will then have a challenge in the form of the 0.73 handle.
