The AUD/USD pair broke down during the course of the day on Wednesday, testing the bottom of the hammer from the Tuesday session. Because of this, the Aussie looks like it could continue to go lower, but there is more than enough support somewhere near the 0.71 level to keep this market afloat. Ultimately, even if we break down below there the 0.70 level should be supportive as well, so we feel that it is probably best to simply sit on the sidelines when it comes to the Australian dollar right now.
