The AUD/USD pair broke higher during the course of the day on Wednesday, breaking above the 0.72 level. However, we see a significant bit of resistance just above, and as a result we are waiting to see whether or not we get a resistive candle to start selling. The market is a bit overextended at this point so it would not be that big of a surprise. With this, we would be willing to sell, but recognize that a move above the 0.73 level negates all of the downward pressure that we are concerned about and could have us starting to look for pullbacks as opportunities to start buying.
