The AUD/USD pair initially tried to rally during the course of the day on Tuesday but turned back around and fell to test the 0.72 level. This is an area that has been supportive recently, so we certainly can’t sell yet, but quite frankly we don’t have any interest in buying either as there is no supportive candle to suggest that we should go long. With this, we are on the sidelines but recognize a significant breakdown below the 0.72 level should send this market looking for the 0.70 handle. The FOMC Statement could be the catalyst for that move.
